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To open long positions on GBPUSD, you need:

The upward trend is maintained. In the morning review, I paid attention to the level of 1.2967, which was a serious obstacle in the way of buyers of the pound. The test and breakdown of this area in the first half of the day was a clear signal to buy and continue the growth of the pound, which I paid attention to in my morning forecast. While trading is conducted above the range of 1.2967, and the confirmation of the presence of buyers was its top-down test on the volume in the first half of the day, you can expect to continue strengthening the GBP/USD with the release of new highs in the area of 1.3005 and 1.3049, where I recommend fixing the profits. Only very good data on inflation in the US can break the upward trend, and only a return to the support of 1.2967 will lead to a downward correction of the pair. In this case, it is best to open new long positions at the lower border of the ascending channel in the area of 1.2928 or buy the pound immediately on a rebound from the minimum of 1.2895.

To open short positions on GBPUSD, you need:

Sellers of the pound missed the level of 1.2967, which breaks all hope for a decline in the pair and a reversal of the upward correction in the short term. Only the formation of a false breakdown in the resistance area of 1.3005 in the second half of the day will be a signal to open short positions, otherwise, it is best to wait for the test of the highs of 1.3049 and 1.3102, and sell the pound from there immediately on the rebound. An equally important task will be the return of GBP/USD and consolidation under the support level of 1.2967, which will once again increase the pressure on the pound and lead to an update of the lows of 1.2928 and 1.2895, where I recommend fixing the profits.

Signals of indicators:

Moving averages

Trading is conducted above the 30 and 50 daily averages, which indicates the likely formation of an upward correction of the pound.

Bollinger Bands

A break of the upper border of the indicator in the area of 1.2990 will lead to a new wave of pound growth.

Exchange Rates 13.02.2020 analysis

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - Convergence / Divergence Moving Average) Fast EMA Period 12. Slow EMA Period 26. SMA Period 9
  • Bollinger Bands (Bollinger Bands). Period 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 © 2007-2020
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