To open long positions on the GBP / USD pair, you need:
Pound buyers managed to get above the morning resistance level of 1.2773, which resulted in a small upward correction. However, the main goal is a large resistance level located slightly above yesterday's high near 1.2833, where I recommend taking profits. In the case of a decline in GBP / USD in the afternoon, it is best to return to long positions to rebound from the minimum of the month 1.2723 again under the support area of 1.2774.
To open short positions on the GBP / USD pair, you need:
It is best to consider a short position in the afternoon to rebound from a major resistance in the area of 1.2833. However, the main task of the pound sellers is returning to the support of 1.2774, which will allow to build the upper limit of the new downward channel and lead to the formation of a new wave of pound decline in the area of minimum 1.2723 and 1.2663, where I recommend fixing profits.
Indicator signals:
Moving averages
Trade has moved above the 30-day and 50-day moving averages, which indicates the formation of an upward correction on the pound.
Bollinger bands
Bollinger Bands indicator can be seen from the Bollinger Bands indicator of around 30750, which coincides with the 30-day moving average.
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
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