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

In the morning review, I paid attention to the speculative reasons for the growth of the British pound against the US dollar yesterday afternoon, and also focused on the support of 1.2475, to which the pair have now returned. The formation of a false breakdown in this range already at the American session will be a signal for purchases to return to the maximum area of 1.2555, a breakthrough of which will provide a new influx of buyers and allow waiting for the test of the 26th figure. However, more rational purchases are best made after a downward correction from the weekly low at 1.2397.

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

The bears quickly took advantage of the situation of an unsuccessful exit to the resistance of 1.2555 and resumed the downward correction in the pair, which is now limited to the support of 1.2475. The task for the second half of the day will be the breakdown of this level, which will provide GBP/USD with a bearish impulse to the area of 1.2397, where I recommend fixing the profits. If sellers do not cope with the support of 1.2475, and the bears show activity at this level, it is best to consider new short positions for a rebound from the resistance of 1.2555.

Signals:

Moving Averages

Trading around 30 and 50 moving averages, indicating a market downward correction.

Bollinger Bands

If the pair grows in the second half of the day, the upper limit of the indicator around 1.2580 will act as a resistance level.

Exchange Rates 20.09.2019 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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