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GBP / USD: plan for the American session on January 7. The pound buyers are trying to maintain advantage

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

At the beginning of the week, the situation with Brexit leaves many questions, but the demand for the pound remains in view of the optimism associated with the positive decision of the parliament. At present, a good signal to buy will be a false break in the support area of 1.2708 or a breakthrough and consolidation above the resistance of 1.2753, which will keep demand for the pound and lead to a tested maximum of 1.2798, where I recommend fixing the profits. In the case of a decline below the support level of 1.2708, you can open long positions immediately to the rebound from 1.2658, where the lower limit of the new ascending channel will be formed.

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

The failure to consolidate above the resistance of 1.2753 led to a small sale of the pound in the first half of the day, but it did not continue. Only a breakdown of support at 1.2708 will be a signal to increase short positions in GBP / USD in order to update a larger area of 1.2658, where I recommend fixing the profits. In the case of growth above 1.2753, you can take a closer look at short positions after the test of the level of 1.2798 or at a rebound from the new monthly maximum of 1.2868.

Indicator signals:

Moving Averages

Trade is conducted above the 30-day and 50-day moving, which indicates the preservation of the bullish trend.

Bollinger bands

In the case of a decrease in the pound, support will be provided by the lower limit of the Bollinger Bands indicator around 1.2708.

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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