To open long positions on GBP/USD it is required:
Buyers managed to catch hold of the resistance in the first half of the day for resistance 1.3412, and while the trade is above this level, demand for the pound will remain, which opens the way to new highs of 1.3467 and 1.3523, where it is recommended recording profits. In the case of a decline in the afternoon under the level of 1.3412, the new long positions in GBP/USD are best sought from support 1.3375 and 1.3340.
To open short positions on GBP/USD it is required:
To consider short positions in the pound is best on a rebound from a large resistance 1.3467 or after a return and consolidation under the morning level of 1.3412. Only below this area will the pressure on GBP/USD rise, which will lead to a correction to the area of 1.3375 and 1.3340, where it is recommended recording profits.
Description of indicators
- MA (moving average) 50 days – yellow
- MA (moving average) 30 days – green
- MACD: fast EMA 12, slow EMA 26, SMA
- Bollinger Bands 20
The material has been provided by InstaForex Company – www.instaforex.com