GBP/USD: plan for the European session on December 4. The pound continues to storm before an important meeting on Brexit

To open long positions on the GBP/USD it is required:

The closer December 11 is, the higher the volatility and uncertainty with the pound. Today's purchases can be seen after a false breakout and return to the support level of 1.2722, which will lead to a larger upward trend in the mid-channel area of 1.278, and then to the update of its upper limit in the area of 1.2823, where I recommend taking profit. In the event of a decrease in the GBP/USD under the level of 1.2722, it is best to consider buying after updating the lows in the area of 1.2663 and 1.2625.

To open short positions on the GBP/USD it is required:

The bears have to rely on a return under the support level of 1.2722, which will open a direct road to the area of the large level 1.2663 and 1.2625, where I recommend taking profits. In the event of growth in the first half of the day, you can return to short positions when a false breakdown is formed around 1.2778 or sell the GBP/USD immediately to rebound from the upper limit of the side channel 1.2823.

Indicator signals:

Moving averages

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

Bollinger Bands

Volatility is low, which does not give signals to enter the market.


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
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