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

About half of yesterday's pound growth has already remained. The optimism of reaching an agreement on the Northern Ireland border somehow quickly goes away, and there is no support from major players yet. The bulls have already missed the level of 1.1214, which was transformed already in the resistance of 1.1220. The task for the second half of the day will be to return to this range, which will keep the upward potential in the pair and will lead to an update of the resistance of 1.2264 and this week's highs, where I recommend taking the profits. However, the dollar may receive support after the speech of Fed Chairman Jerome Powell. In this scenario, it is best to expect new long positions in GBP/USD after a downward correction to the minimum area of 1.2176, or a rebound from a larger level of 1.2125.

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

Bears have already proven their presence in the market and the desire to sell from new highs. Now, the focus is on the speech of the Fed Chairman. The formation of a false breakdown near the resistance of 1.2220, together with the tough stance of Powell's interest rate can lead to a downward correction in GBP/USD, which hit the buyers of stop orders and will lead to a reduction in the area of the lows of 1.2176 and 1.2125 where I recommend taking the profit. If buyers manage to regain the market position and get above the resistance of 1.2220, then in this scenario, it is best to look for short positions to rebound from this week's highs around 1.2270.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, but the market is still on the side of buyers of the pound.

Bollinger Bands

If the pair grows, the resistance will be the upper limit of the indicator around 1.2270.

Exchange Rates 23.08.2019 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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