To open long positions on GBP/USD, you need:
From a technical point of view, nothing has changed in the morning. To maintain the bullish market, buyers need a breakout and consolidation above the resistance of 1.2566, which will lead to an update of the highs in the area of 1.2600 and 1.2639, where I recommend taking the profits. In the case of a downward correction scenario in the second half of the day, long positions can be returned on a false breakdown from the support of 1.2511, as well as to a rebound from a larger minimum in the area of 1.2469.
To open short positions on GBP/USD, you need:
Pound sellers will expect a false breakdown in the resistance area of 1.2566, which will form a new upper limit of the downward channel. However, the main task of the bears will be to break through and consolidate the support of 1.2511, which will push GBP/USD to the area of the lows of 1.2469 and 1.2439, where I recommend taking the profits. With further growth above 1.2566, it is best to take a closer look at the short positions on the test of highs of 1.2600 and 1.2639.
Trading is conducted in the area of 30 and 50 moving averages, which indicates market uncertainty.
In the case of the GBP/USD decline in the second half of the day, the support will be provided by the lower limit of the indicator around 1.2510.
Description of indicators
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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