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

The bullish mood that was observed after the British Prime Minister's statement on the election began to leave the British pound, and the unsuccessful attempt to grow above 1.2966, which I paid attention to in my morning forecast, led to the formation of a downward correction in GBP/USD. Buyers also missed the level of 1.2938. Now, their key task for the second half of the day will be the return of the pair to this range, which can lead to a re-growth and a resistance test of 1.2966, where I recommend taking the profits. If the bulls continue to be confused, then it is best to count on long positions after the support update of 1.2909, and you can buy GBP/USD immediately on the rebound from the minimum of 1.2869. However, the update of this range will indicate a reversal of the upward trend in the pair formed on November 8 this year.

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

Sellers coped with the task for the first half of the day and did not let the pound above the resistance of 1.2966, which I paid attention to in my morning review. The formation of a false breakdown in the area of 1.2966 still retains the option of a downward correction, and consolidation below the support of 1.2938, which the bears are now trying to do, will lead to a larger sale of GBP/USD in the area of the lows of 1.2909 and 1.2869, where I recommend taking the profits. We cannot exclude the return of the pound to the resistance of 1.2938. In this case, short positions can be considered again only after the test of today's maximum in the area of 1.2966, and sell GBP/USD immediately on the rebound recommend only after the resistance update of 1.3017.

Indicator signals:

Moving Averages

Trading is conducted around the 30 and 50 daily averages, which indicates a possible end to the upward trend of the pound.

Bollinger Bands

The breakthrough of the lower border of the indicator in the area of 1.2930, which is now trying to arrange bears, will lead to a larger decline in the pound.

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