GBP / USD: plan for the European session on October 10. Traders are waiting for important data on UK GDP

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

Open long positions on the pound for the breakdown of the resistance level of 1.3173 is possible only after the publication of a good report on the growth of the UK economy, the output of which is scheduled for today in the morning. In this case, the target buyers will be the new highs in the region of 1.3217, where I recommend fixing the profits. In the event of a decrease in the pound on the report, the support will be provided by the area of 1.3125-1.3133, as well as the 30-day moving average, which is located just below this level.

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

A weak report on the economy and the formation of a false breakdown at 1.3173 will be a direct signal to the opening of short positions in the pound with the first goal of reducing and updating the support area of 1.3125-1.3133, where I recommend fixing the profits. In the event of no demand for a pound in this range, a repeated test of 1.3125 may lead to a continuation of the downward trend with the release of at least 1.3090. When the growth scenario is above 1.3173 in the first half of the day, it is possible to open short positions in GBP / USD to rebound from the resistance of 1.3217.

Indicator signals:

Moving Averages

The price returned to the 30-day and 50-day moving average, which indicates continued growth of the pound while trading will be higher than the moving ones.

Bollinger bands

Volatility is very high. The upper border of the Bollinger Bands, which is located in the 1.3208 area, will act as resistance in the event of a pound increase, while the middle of the bands in the 1.3133 area will provide support with a decrease.


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

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