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To open long positions on GBP/USD you need:

The pound continues to show a slight increase against the background of statements by the British Prime Minister Theresa May on the changes in Brexit, but there is no support from the major players yet. While trading is above support at 1.2944, the demand for the pound will remain, which will lead to an update of the monthly high around 1.3006, where I recommend taking profits. Any positive news on Brexit could lead to a more dramatic strengthening of GBPUSD, with the update levels 1.3064 and 1.3127. In the event of a decrease under the support area of 1.2944, it is best to look closely at long positions around 1.2894 and at a rebound from 1.2833.

To open short positions on GBP/USD you need:

The update of yesterday's highs with confirmation of the divergence on the MACD indicator will be a direct signal to the opening of short positions in the British pound. However, the main task for the bears will be to return to the support level of 1.2944, which will lead to the formation of a downward trend and the sale of GBP/USD in the area of lows 1.2894 and 1.2833, where I recommend taking profits. In the case of good news on Brexit and the breakdown of the high of 1.3006, I recommend to consider short positions in GBP/USD only after updating the levels of 1.3064 and 1.3127.

Indicator signals:

Moving averages

Trade is conducted slightly above the 30-day and 50-day moving, but in the current environment it does not mean the continuation of the upward trend in the pound.

Bollinger bands

In case of a decrease in the pound in the first half of the day, the intermediate support will be the lower limit of the Bollinger Bands indicator around 1.2900.

Exchange Rates 23.01.2019 analysis

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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