01.10.201813:54 Forex Analysis & Reviews: GBP / USD: plan for the European session on October 1. The pound may continue to decline on data

Long-term review

To open long positions for GBP / USD, you need:

Today, the buyers of the pound need a portion of good fundamental statistics that will help to keep the pair above the support level of 1.3021, and the formation at this level of false breakdown will be the first signal to open long positions in order to return to the resistance level of 1.3057 and update the high of 1.3135, where I recommend fixing the profits. In the case of further reduction of the pound with the trend, a good level for buying will be a new minimum in the area of 1.2981 and a larger support area of 1.2936, from where you can open long positions immediately to the rebound.

To open short positions for GBP / USD, you need:

The sellers will try to break below the support level of 1.3021, the demolition of which will trigger a number of stop-orders of buyers and a further decrease in GBP / USD to the area of the low at 1.2981 and 1.2936, where I recommend fixing the profits. If the data on the production sphere turns out to be positive, it is best to return to short positions in the pound after unsuccessful fixing above the resistance level of 1.3057 or to rebound from a larger area of 1.3095.

Indicator signals:

Moving Averages

Trading moved under the moving average, which is directed down, indicating a continuation of the downward trend.

Bollinger bands

In the case of a further decline, the pound may be supported by the lower limit of the Bollinger Bands indicator, which is located in the area of 1.3017. However, its breakdown will lead to a new wave of decline.

Exchange Rates 01.10.2018 analysis

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Miroslaw Bawulski,
Analytical expert
InstaForex Group © 2007-2021
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