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To open long positions on GBPUSD, you need:
From a technical point of view, nothing changed in the first half of the day. In my morning forecast, I paid attention to the possibility of forming a false breakout in the resistance area of 1.2411 and recommended opening short positions in this scenario, which happened. If you look at the 5-minute chart, you will see how an unsuccessful attempt to break above the resistance of 1.2411 led to the pair returning to this level, and then a repeated test of this area from the bottom up became a signal to open short positions. At the moment, the task of the bulls is to consolidate above the resistance of 1.2411, which was not possible to do even for the second time during the European session. Only in this scenario, the bulls will be able to maintain a good upward momentum, which can lead the pair to new highs in the area of 1.2463 and 1.2508, where I recommend fixing the profits. In the scenario of a decline in GBP/USD this afternoon, and this may happen after good data on business activity in the US manufacturing sector, a false breakout in the support area of 1.2348 will signal the opening of long positions, otherwise, it is best to consider buying immediately for a rebound from the support of 1.2290, which repeatedly helped out last Friday.
To open short positions on GBPUSD, you need:
The bears did a great job in the morning, and as long as the trade is below the level of 1.2411, the advantage will be on their side. The task of sellers for the second half of the day is to return GBP/USD to the support area of 1.2348 since only fixing below this range can lead to the formation of a new downward momentum that can collapse the pound to the support of 1.2290, and then to a larger level of 1.2237, where I recommend fixing the profits. In the scenario of growth above the maximum of this week, it is best not to rush to open short positions but wait for the update of the levels of 1.2463 and 1.2508, where you can sell immediately for a rebound in the expectation of correction of 20-30 points at the end of the day.
Signals of indicators:
Moving averages
Trading is conducted above the 30 and 50 daily averages, which indicates a high probability of continuation of the bullish trend.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
A break in the average border of the indicator around 1.23650 will increase the pressure on the pair, while a break in the upper border of the indicator in the area of 1.2420 will lead to a larger increase in the pound.
Description of indicators
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