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To open long positions on GBP / USD you need:

The pound is gradually clamped in the channel, and volatility falls after a very nervous week, as traders go into "standby" before the next polls in the UK parliament, which will be initiated by British Prime Minister Theresa May next week. Buyers need a breakthrough and consolidation above the level of 1.3270, which will lead to an increase in the maximum area of 1.3325 and 1.3375, where I recommend fixing the profits. The main task of the bulls will be to keep the pair above the lower border of the side channel in the area of 1.3213. A more acceptable scenario for opening long positions in a pound would be a correction to this minimum with the formation of a false breakout. With a new large fall of the pound, you can immediately buy to rebound from a minimum of 1.3177.

To open short positions on GBP / USD you need:

The bears showed themselves from the resistance level of 1.3269, to which I paid attention in my morning review, which was a good signal for sale. As long as trading will be conducted below this level, the main task of sellers will be to return and fix below support 1.3213, which will increase the pressure on the pair and lead to a test of minimum 1.3177 and 1.3131, where I recommend fixing the profits. In the case of GBP / USD growth above 1.3271 resistance, short positions can be opened again for a rebound from the high of 1.3325 and 1.3375.

Indicator signals:

Moving Averages

Trade is conducted in the area of 30-day and 50-medium moving, which indicates a high probability of a side channel.

Bollinger bands

A break of the upper border of the Bollinger Bands indicator near 1.3271 will lead to a new wave of pound growth. In the case of a downward correction, the lower limit of the indicator in the 1.3213 area will support the pound, but its breakthrough will lead to a stronger sale.

Exchange Rates 15.03.2019 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Ruben Watson,
Analytical expert
InstaForex Companies Group © 2007-2019
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