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To open long positions on the GBP / USD pair, you need:

The support in the area of 1.2840, which I paid attention to in my morning review, managed to keep the pound from a new bulls fall. While trading is conducted above this level, buyers in the second half of the day will try to return to resistance 1.2895, whence the upward correction may lead to an update of the maximum of 1.2954, where I recommend taking profits. In the case of a repeated decline in the support area of 1.2838, it is better to abandon buying the pound before updating the next minimum in the area of 1.2767.

To open short positions on the GBP / USD pair, you need:

An upward correction may be limited by the resistance level of 1.2895, from which I recommend to look at short positions provided that a false breakdown is formed there. A repeated decline in the area of support at 1.2838 in the second half of the day may also lead to the formation of another selling wave of the British pound with access to minimums in the area of 1.2767, where I recommend taking profits. In case of growth above 1.2895, it is possible to open short positions to rebound from a weekly maximum around 1.2954.

Indicator signals:

Moving averages

Trade is conducted under the 30- and 50-day average, which indicates a further fall in the market.

Bollinger bands

In the case of an upward correction of the pound, the average border of the Bollinger Bands indicator located at 1.2925 will act as resistance. From there, I recommend selling the GBP/USD pair immediately to rebound.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 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.

Performed by Ruben Watson,
Analytical expert
InstaForex Group © 2007-2019
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