To open long positions on GBPUSD, you need:
The absence of important fundamental statistics in the first half of the day allowed sellers of the pound to consolidate below the support of 1.2230, which I paid attention to in my morning forecast. This led to a good decline in the GBP/USD almost to the lows of the day, which is clearly visible on the 5-minute chart. However, the bulls began to act more aggressively, not allowing them to reach support in the area of 1.2115. At the moment, buyers of the pound are focused on updating the resistance of 1.2366, where I recommend fixing the profits. With a breakout and consolidation above this range, the growth of GBP/USD can continue to the larger highs of 1.2514 and 1.2605. If the pressure on the pound returns in the second half of the day, then you can return to long positions on a false breakout from the support of 1.2150, or buy immediately on a rebound from the minimum of 1.1985, where the 50-daily moving average passes.
To open short positions on GBPUSD, you need:
Sellers coped with the morning task, but did not find support from major players and again released the market. At the moment, it is best to count on new short positions after updating the resistance of 1.2366, provided that a false breakout is formed there, or sell GBP/USD immediately on a rebound from the maximum of 1.2514. An equally important task for the bears will be to reduce and consolidate below the support of 1.2150, which will increase pressure on the pound and return the pair to the low of 1.1985, where I recommend fixing the profits.
Signals of indicators:
Trading is conducted above the 30 and 50 daily averages, which indicates a high probability of continuing the upward trend.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
If the pair falls, the lower border of the indicator in the area of 1.2115 will provide support.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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