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

Buyers of the pound failed to do anything in the first half of the day, and the lack of demand in the repeated test of the support of 1.2520 continues to indicate the continuation of the bearish trend. At the moment, it is best to consider new long positions after updating the minimum in the area of 1.2483 or immediately on the rebound from the support of 1.2439. The task of the bulls is to break and consolidate above the resistance of 1.2565, which will indicate the first prerequisites for the formation of a bullish trend.

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

The consolidation below the support of 1.2520 will lead to a further decline in GBP/USD in the area of the minimum of 1.2483 and 1.2439, where I recommend taking the profits. Any news related to the election of the British Prime Minister can cause a surge of volatility in the market. In the scenario of the pound growth in the second half of the day, you can count on short positions immediately after the update of the maximum of 1.2565 and 1.2603.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates a possible continuation of the pair's decline.

Bollinger Bands

The pound growth is limited by the upper limit of the indicator around 1.2555.

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