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To open long positions on the GBP / USD pair, you need:
Pound returned to the area of support, which I paid attention to in my morning forecast, but there was no serious demand for it. Hence, it led to a revision of the future strategy for purchases. At the moment, it is best to return to long positions after the new minimum in the area of 1.2987 is updated and the main task of the bulls will be a breakthrough and consolidation above the resistance of 1.3038. In case that happens, you can count on a larger growth and an update of the weekly high near 1.3097, where I recommend taking profits.
The bears managed to consolidate below the morning support of 1.3035, and now, it is the resistance. The main objective for short positions in the afternoon is located in the area of 1.2987, where I recommend taking profits. An unsuccessful attempt to consolidate and return to the resistance of 1.3038 will also be a signal to sell the pound before the publication of the Fed's protocols. When the growth scenario reaches above 1.3038, it is best to rely on short positions to rebound from a high of 1.3097. We should not forget that much will depend on the results of Theresa May's negotiations with the EU representatives, which began today.
More in the video forecast for February 20
Indicator signals:
Moving averages
Trade is conducted above 30- and 50-moving averages, which indicates the likely continued growth of the pound in the short term.
Bollinger bands
In the case of today's growth of the pound in the second half of the day, the upper limit of the Bollinger Bands indicator around 1.3090 may limit the upward potential.
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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