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Long-term review

To open long positions on GBP/USD you need:

Traders bought a pound against the background of optimism associated with Brexit, but a weak report on the service sector in the UK returned bears to the market and limited growth. At the moment, only the formation of a false breakdown in the intermediate support area of 1.3151 will be a signal to buy GBP/USD. However, the optimal scenario for opening long positions will be the test of the minimum of 1.3112 and 1.3072. The task of the bulls in the afternoon will be a breakthrough and consolidation above the resistance of 1.3192, which will lead the pair to a maximum in the area of 1.3227 and 1.3261, where I recommend fixing the profits.

To open short positions on GBP/USD you need:

Traders ignored the fact that the service activity index showed a slowdown, which is a very disturbing signal. The repeated support test of 1.3151 may lead to a larger downward correction in the pound in order to update the lows in the area of 1.3112 and 1.3072, where I recommend fixing the profit. In the scenario of the pound growth above the resistance of 1.3193 in the second half of the day, it is best to consider new short positions on the rebound from the high of 1.3227 and 1.3261.

Indicator signals:

Moving Averages

Trading is conducted above 30-day and 50-medium moving, which indicates the formation of a bullish market.

Bollinger bands

The break of the average border of the Bollinger Bands indicator in the area of 1.3151 will lead to a larger sale of the pound with the test of its lower border in the area of 1.3112.

Exchange Rates 03.04.2019 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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