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

Buyers of the pound coped with the morning task and managed to build an upward trend from the support level of 1.2570, which I drew attention to in my review. At the moment, their task is the area of 1.2609, the consolidation above which will lead to the maximum area of 1.2649, where I recommend taking the profit. If the pressure on GBP/USD returns in the afternoon, the same level of 1.2570 will act as reliable support, where today it is possible to open long positions immediately on the rebound.

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

The formation of a false breakout in the resistance area of 1.2609 in the second half of the day will be a good signal for the opening of short positions in the hope of updating the support of 1.2570. Movement below this level will be limited. Therefore, it is best to add to short positions after fixing below this range, based on a tested minimum of 1.2544 and 1.2500, where I recommend taking the profit. If the growth scenario is above the resistance of 1.2609, short positions can be returned to rebound from 1.2649.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates a possible continuation of the pair's decline.

Bollinger Bands

The pound growth is limited by the upper limit of the indicator in the area of 1.2605, the breakthrough of which can lead to a larger upward trend.

Exchange Rates 17.06.2019 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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