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GBP/USD: Plan for the European session on November 5. The movement of the pound will depend on the PMI data of the service

To open long positions for GBP/USD, it is required:

Today, all the movement of the pound will be formed by the data on the PMI index for the service sector, which will set the direction at the beginning of this week. Buyers of the GBP/USD need a breakout and consolidation above the resistance of 1.3020, which will lead to a further upward wave in the area of the highs of 1.3085 and 1.3145, where I recommend to take profit. In case the pound declines on the data, buying can be seen after the formation of a false breakdown in the support area of 1.2969 or a rebound from the low of 1.2907, where it will be possible to build a lower boundary of the new upward channel.

To open short positions for GBP/USD, it is required:

Sellers of the pound will try to form a false breakout at the level of 1.3020, which will lead to profit taking on long positions and to a decrease in the support area of 1.2969. Consolidation under this level, after weak data on the PMI index for the service sector, will push the GBP/USD to the lows of 1.2907 and 1.2844, where I recommend taking profits. In case of growth above 1.3020 in the first half of the day, short positions can be returned to a rebound from the highs of 1.3085 and 1.3145.

Indicator signals:

Moving averages

Trade is conducted in the region of the 30-day and 50-day average, which indicates a decrease in market volatility in front of important data.

Bollinger bands

A break of the upper border of the Bollinger Bands indicator around 1.3030 will be a signal to buy the pound, while a break of the lower border around 1.2948 will lead to a new wave of selling the GBP/USD.

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Indicator description

Moving Average (average sliding) 50 days - yellow

Moving Average (average sliding) 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