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

The formation of a false breakdown at the support level of 1.2482 happened, which I drew attention in my morning forecast that led the GBP / USD to the area of large resistance 1.2534. For the second half of the day, the main task of buyers will be a breakthrough and consolidation above this resistance, which will lead to a large upward correction to the highs of 1.2580 and 1.2626, where I recommend taking profits. In the case of a repeated decline of the pound to the support area of 1.2482, a breakdown may occur. In this scenario, it is best to consider long positions after testing the lows around 1.2454, 1.2429 and 1.2405.

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

So far, sellers have managed to form a false breakdown at the resistance level of 1.2534, however, a major decline in the pound did not occur. As long as the trade is below this range, the pressure on GBP / USD will continue. A repeated decline in the support area of 1.2482 may lead to a larger sale of the British pound with updated lows around 1.2454 and 1.2429, where I recommend taking profits. The main weekly target will be the area 1.2405. In the case of a larger upward correction and a breakthrough resistance of 1.2534. But for the time being all this goes, to short positions you can look at the rebound from the maximum of 1.2580 and 1.2626.

Indicator signals:

Moving averages

Trade is conducted under the 30- and 50-day moving averages, which indicates a continued decline in the pound.

Bollinger bands

In the case of a decrease in the pound in the afternoon, long positions can be considered immediately to rebound from the lower limit of the Bollinger Bands indicator around 1.2482, which acts as support.

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