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

Buyers of the pound expectedly returned from the support level of 1.2514, which I paid attention to in my morning forecast. Data on the growth in the number of public sector borrowings damaged only part of the pound in the morning. At the moment, the bulls' goal will be to return to the highs of the week in the area of 1.2561 and break this level, which will lead to the preservation of the upward momentum with the resistance test of 1.2600, where I recommend taking the profit. If the data in the second half of the day on the US economy will support the US dollar, then in this scenario, you can look for new long positions in the pound immediately to rebound from a low of 1.2472.

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

Bears tested the support of 1.2514 in the first half of the day but failed to break below this level. At the moment, their goal is to re-descend to this range, which will certainly lead to a breakdown and a further decline in GBP/USD to the minimum area of 1.2472, where I recommend taking the profits. If the Fed representatives, whose speeches are scheduled for this afternoon, continue to talk about the necessary lowering of interest rates in the US, it is better to look for short positions on the pound only after a false breakout of the resistance of 1.2561 or a rebound from the maximum of 1.2600.

Indicator signals:

Moving Averages

Trading is conducted above 30 and 50 moving averages, which indicates the preservation of the upward momentum.

Bollinger Bands

If the pound falls in the second half of the day, the support will be provided by the lower limit of the indicator in the area of 1.2495, where bears will take profits.

Exchange Rates 19.07.2019 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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