To open long positions on the GBP / USD pair, you need:
In the morning review, I focused on the level of 1.2946 and the expected breakout led to the continuation of the upward correction in the GBP/USD pair. At the moment, the target of bulls is the resistance of 1.3017 and a breakthrough will maintain the upward momentum and lead the pound to highs in the area of 1.3046 and 1.3091, where I recommend taking profits. In case of unsuccessful consolidation above 1.3017 in the second half of the day, it is best to return to long positions after correction from support 1.2983 or to rebound from a larger level 1.2946.
To open short positions on the GBP / USD pair, you need:
The bears failed to seriously declare themselves and so far their return to the market remains in question. Only an unsuccessful consolidation and decline below the level of 1.3017 will lead to a downward correction of GBP/USD pair to the support area of 1.2980, where I recommend taking profits. The main task of the sellers of the pound will be a breakthrough of support 1.2980 and a test of a minimum of 1.2946. In case of further growth scenarios, it is best to rely on short positions after updating the resistance of 1.3046 or to rebound from a larger high 1.3091.
Trading is conducted above 30 and 50 moving averages, which indicates a continuation of the upward correction.
In the case of a decrease in the pound in the second half of the day, support will be provided by the average indicator border in the region of 1.2955.
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