To open long positions for GBP / USD pair, you need:
Buyers need to keep the support level at 1.3158, and the formation of a false breakout on it will be a good signal to open long positions in GBP / USD. The main task is to break through and consolidate above the resistance to 1.3185, from where the direct road to the highs of yesterday opens to the area of 1.3240, where fixing profits are recommended. In the event of a drop in the pound, you can go back to the rebounds from 1.3095 and 1.3050 to buy.
To open short positions for GBP / USD pair, you need:
The formation of a false breakout at the resistance of 1.3185 or a breakdown and anchoring below the support of 1.3158, which will be a good signal for pound sales. This could lead to a larger sale while testing the level of 1.3129 and with the main purpose of updating a new low at 1.3095, where fixing profits are recommended. If GBP / USD rises in the first half of the day above 1.3185, you can sell for a rebound of 1.3240.
Description of indicators
- MA (average sliding) 50 days – yellow
- MA (average sliding) 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