To open long positions on GBPUSD, you need:

In the first half of the day, the bears tried to put pressure on the British pound, however, they failed to even get to the support of 1.2448, after which the bulls quickly rehabilitated. Now the task of buyers of the pound is to keep the pair above the resistance of 1.2516. If you look at the 5-minute chart, there is already a breakout and a test of this level, which is a signal to enter the market. However, it is necessary to understand that without high activity of bulls above this range and under the most weekly highs, it is impossible to do. If there is no growth at the beginning of the North American session, it is best to postpone long positions until the update of the larger support of 1.2448, which I spoke about in the morning forecast. There you can buy GBP/USD immediately on the rebound in the expectation of a correction of 35-40 points within the day. But while trading will be conducted above the level of 1.2516, we can expect continued growth of the pound in the area of the maximum of 1.2585, and then the exit to a new resistance of 1.2676, where I recommend fixing the profits.

To open short positions on GBPUSD, you need:

Sellers should protect the level of 1.2516, and the formation of a false breakout on it in the second half of the day will be a direct signal to open short positions in the hope of returning and updating the support of 1.2448, which has been discussed quite a lot recently. Only a breakdown of this level will lead to the resumption of a bearish trend that can collapse the pound to the lows of 1.2386 and 1.2321, where I recommend fixing the profits. If the demand for GBP/USD continues, then it is better not to rush with sales. The optimal scenario will be short positions after the resistance test of 1.2585, however, major players will focus on the maximum of 1.2676, from which you can expect a correction of 30-40 points within the day.

Signals of indicators:

Moving averages

Trading is conducted just above the 30 and 50 daily averages, which leaves a chance of continuing the upward correction of the pound.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

A break in the lower border of the indicator at 1.2470 should increase pressure on the British pound. Breaking the upper limit of the indicator around 1.2515 will lead to a new growth of GBP/USD.

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