To open long positions on the GBP / USD pair, you need:
Pound buyers managed to stay above the support level of 1.2813, which led to the return of demand and the update of the maximum of the day. The main task for the second half of the day will be to break through the resistance of 1.2868, which will open a direct path to the area of 1.2929, where I recommend taking profits. In the case of a repeated decline of the pound to the minimum of the day, it is best to consider a long position to rebound from the support of 1.2758.
To open short positions on the GBP / USD pair, you need:
An unsuccessful consolidation above the resistance of 1.2868 will be the first signal to open short positions in the pound but the main task will be the breakdown and consolidation under the support of 1.2813, which will collapse GBP / USD to minima in the area of 1.2758 and 1.2708, where I recommend fixing the profit. In the case of a further uptrend and a break of 1.2868 high, it is best to consider short positions from levels of 1.2929 and 1.2990.
Indicator signals:
Moving averages
Buyers kept the pair above the 30- and 50-day moving, which indicates the preservation of the bullish nature of the market.
Bollinger bands
Volatility remains low, which does not give signals to enter the market.
More in the video forecast for January 14
Description of indicators
MA (moving average) 50 days - yellow
MA (moving average) 30 days - green
MACD: fast EMA 12, slow EMA 26, SMA 9
The material has been provided by InstaForex Company - www.instaforex.com