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

From a technical point of view, the situation in the GBP/USD pair has not changed in comparison with the forecast for the European session. The lack of news, both fundamental and on the UK election, keeps volatility low. The primary task of the bulls today is to keep the pair above the level of 1.2855, the formation of a false breakdown at which will be a signal to buy the pound. However, the more important goal is to break through and consolidate above the resistance of 1.2884, which in the first half of the day could not be done. Only in this case, we can expect a new upward momentum in the area of highs of 1.2910 and 1.2938, where I recommend taking the profits. In the scenario of a support breakout of 1.2855, you can buy the pound immediately on the rebound from the lower border of the side channel in the area of 1.2823.

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

In the second half of the day, sellers of the pound will try their best to prevent the breakdown of the resistance of 1.2884, and the formation of a false one in the European session so far indicates a possible scenario of the pair's decline to the support of 1.2855. The only consolidation below this level will lead to a further fall of GBP/USD in the area of lows of 1.2823 and 1.2794, where I recommend taking the profits. In the scenario of GBP/USD growth above the resistance of 1.2884, you can consider new short positions from the maximum of 1.2910 or sell immediately on the rebound only from the area of 1.2938.

Indicator signals:

Moving Averages

Trading is around the 30 and 50 daily averages, indicating some market uncertainty.

Bollinger Bands

A break of the upper border of the indicator in the area of 1.2890 may lead to an increase in the pound in the afternoon.

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