GBP / USD pair: plan for the European session on November 30. Bank of England supported the Brexit agreement

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

A lot was said yesterday that the Bank of England was in favor of the Brexit agreement, but this did not help the British pound to strengthen its position against the US dollar. At the moment, buyers need a breakthrough and consolidation above the resistance of 1.2795, which will lead to a larger upward correction and the return of the pair near the upper boundary of the side channel 1.2847. Also, long positions can be viewed when forming a false breakdown in the area of intermediate support at 1.2759. In the case of a large fall of the pound, you can return to purchases from the low of the month at 1.2721 or from the new levels of 1.2663 and 1.2625.

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

The bears have to rely on a breakthrough of support at 1.2759, which will open a direct path to the area of the large level 1.2721, which has been repeatedly tested by sellers of the pound. Its breakdown will lead to a rapid decline in GBP/USD pair with the updating of monthly lows in the area of 1.2663 and 1.2625, where I recommend taking profits. In the case of growth above 1.2795 in the first half of the day, it is best to return to sales of the pound to rebound from the upper limit of the side channel at 1.2847.

Indicator signals:

Moving averages

Trade is conducted in the area of 30- and 50-day moving averages, which indicates the lateral nature of the market.

Bollinger bands

A break of the lower border of the Bollinger Bands indicator in the area of 1.2759 will lead to a further fall of the British pound.

More details about the forecast can be found in the video review.

39zpxl6bb2oxQDCuRnVyxMohhCJXUpLznvBsiaxG

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

The material has been provided by InstaForex Company - www.instaforex.com