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To open long positions on GBPUSD, you need:

In the morning forecast, I paid attention to the level of 1.3010 and noted that only a return to this range will be a signal to open long positions in GBP/USD. However, buyers failed to gain a foothold even after the inflation data, which was slightly better than economists' forecasts but generally indicated a slowdown in the growth rate of price pressure. Only a break in the resistance of 1.3010 will lead the pound to a new maximum of 1.3052, on which the further direction of the pair depends since the upper border of the triangle will be broken along with the test of 1.3052. Only fixing above 1.3052 will open a direct road to the area of 1.3093 and 1.3133, where I recommend fixing the profits. In the scenario of maintaining pressure on the pound, it is best to return to long positions only after forming a false breakdown in the support area of 1.2967, just above which the lower border of the triangle passes, but I recommend buying GBP/USD immediately for a rebound after updating the minimum of 1.2928.

To open short positions on GBPUSD, you need:

Today, the bears have already coped with the task of forming a false breakdown in the resistance area of 1.3010, which led to a decrease in the pound in the area of the lower border of the triangle, where the main trade is now taking place. A break in this range, along with a drift of the level of 1.2967, will increase the pressure on the pair, which will lead to a test of the lows of 1.2928 and 1.2895, where I recommend taking the profits. If the bulls still regain the area of 1.3010, in this case, it is best to consider new short positions only after the maximum of 1.3052 is updated or sell GBP/USD immediately for a rebound from the area of 1.3092 with the aim of a downward correction of 20-30 points.

Signals of indicators:

Moving averages

Trading is conducted just below the 30 and 50 daily averages, however, this does not indicate a complete victory of sellers over buyers but rather indicates the side nature of the market.

Bollinger Bands

Volatility is reduced and a breakthrough in the upper limit of the indicator in the area of 1.3010 will lead to a sharp increase in the pound.

Exchange Rates 19.02.2020 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 - moving average convergence / divergence) 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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