To open long positions for GBP / USD, you need:
The formation of a false breakout at 1.3343 with a return to resistance level of 1.3387 will be a good signal to buy the pound, the main goal of which is the area of 1.3423, where it is recommended to lock in profits in the morning. If the GBP / USD falls below the level of 1.3343, long positions can be considered for a rebound from 1.3303.
To open short positions for GBP / USD, you need:
Sellers will try to consolidate below the level of 1.3343 in the morning, and weak inflation data in the UK may lead to a larger sale of the pound to areas of 1.3303 and 1.3255, where it is recommended to lock in profits. In case of growth above the level of 1.3387 in the morning, selling the pound is best to return to the rebound from resistance 1.3423.
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