To open long positions on GBP / USD, you need:
Buyers failed to consolidate above the support level of 1.2753 in the first half of the day, although there were preconditions for further growth. At the moment, only another confident break above this level will return the chance to continue the upward trend, which will lead to the test of the resistance level of 1.2798. Only after that will it be possible to count on updating the highs of 1.2868 and 1.2929, where I recommend fixing the profits. In the case of a decline below the support level of 1.2708, it is best to consider long positions to rebound from the lows of 1.2658 and 1.2614.
To open short positions on GBP / USD, you need:
An unsuccessful consolidation above 1.2753 in the first half of the day will make it possible to build the upper limit of the new descending channel, as well as count on a further decrease in the pound. A breakdown of support at 1.2708 will lead to a rapid decline in GBP / USD to the lows of 1.2658 and 1.2614, where I recommend fixing the profits. Positive news on Brexit from the UK Parliament could lead to a sharp increase in the pound. In this scenario, short positions can be opened after the highs of 1.2868 and 1.2929 are updated.
Indicator signals:
Moving Averages
Trade is conducted in the area of 30-day and 50-day moving, which indicates a possible change in the bull trend.
Bollinger bands
A break of the lower border of the Bollinger Bands indicator around 1.2705 will lead to a larger drop in the pound.
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
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