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

Pound buyers managed to form a false breakout from the support level of 1.3052, which I paid attention to in my morning review. Now, their task is to break and consolidate above the middle of the channel 1.3088, which will update its upper limit of 1.3119, where I recommend fixing the profits. In the second half of the day, the scenario of a repeated decline of the pound to the support area of 1.3052, it is best to return to long positions to rebound from the minimum of 1.3021.

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

Bears today will count on a return and consolidation below the support level of 1.3052, which will push GBP/USD to larger lows in the area of 1.3021 and 1.2988, where I recommend fixing the profits. The failure to consolidate and form a false breakdown in the middle of the side channel of 1.3088 will also be a signal to open short positions in GBP/USD. In the scenario of growth above 1.3088 in the second half of the day, it is best to count on the sale of the pound from the high of the week around 1.3119.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market.

Bollinger bands

In the scenario of the pound decline, the lower border of the Bollinger Bands indicator in the area of 1.3040 will act as support.

Exchange Rates 12.04.2019 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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