GBP / USD pair: plan for the European session on November 9. The fall of the pound will depend on GDP data

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

Today, buyers will make every effort to stop the fall of the pound in the support area of 1.3020-1.3030 and the UK economic growth data is expected in the first half of the day will support the pair. The formation of a false breakdown in the area of 1.3031 will be a signal to buy in order to reach the resistance of 1.3099, where taking profits are recommended. In the event of a further fall of the pound under the level of 1.3031 on weak economic data, it is best to open long positions to rebound from a minimum of 1.2966.

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

Breakout and consolidation below the support level of 1.3031, together with weak data on the UK economy, will be a direct signal to open short positions in the pound in order to reduce and update the minimum near 1.2966, where taking profits are recommended. In the case of a pound growth on the data, it is best to return to short positions on a rebound from a large resistance of 1.3099, where the 50-day moving average limiting upward potential also passes.

Indicator signals:

Moving averages

Trade management under the 30-and 50-day average, indicates a further decrease in the pound.

Bollinger bands

A break of the lower border of the Bollinger Bands indicator around 1.3020 will be a signal to sell a pound. In the case of growth of GBP / USD, the upward potential of the upper limit of the indicator in the region of 1.3125 will limit.

A break of the lower border of the Bollinger Bands indicator around 1.3020 will be a signal to sell a pound. In case the GBP / USD rises, the upward potential of the upper limit of the indicator in the region of 1.3125 will limit the movement.

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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