GBP / USD pair: plan for the US session on December 17. Pound returns Friday losses

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

Buyers managed to stay above the support of 1.2570 in the first half of the day and try to consolidate above the resistance of 1.2616, which will lead to a larger uptrend and return of GBP / USD to a maximum of 1.2673, where I recommend taking profits. In the case of a pound return below the support level of 1.2616, it is best to return to long positions to rebound from the morning low of 1.2570.

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

It is best to consider a short position on the pound in the second half of the day after the update of the major resistance to rebound from 1.2673. However, the main task will be the return and consolidation below the level of 1.2616, which will lead to a greater pressure on GBP / USD and a decline in the pair to the area of morning support 1.2570, where I recommend taking profits.

Indicator signals:

Moving averages

Trade again moved above the 30- and 50-day moving, which indicates the formation of the lateral nature of the market.

Bollinger bands

In the case of a decrease in the pound in the afternoon, long positions can be considered immediately to rebound from the middle border of the Bollinger Bands indicator around 1.2585, which acts as a support.

Forex market video forecast for December 17

dTbtOrltMxODWnNU9xALJ9-DCTbfGQo2EcVIAgZ0

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