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24.12.201810:20 Forex Analysis & Reviews: GBP / USD: plan for the European session on December 24. The pound remains in the channel

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

To open long positions on GBP / USD, you need:

While trading is above the middle of channel of 1.2655, the demand for the British pound will continue, and the main task will be a breakout and consolidation above the resistance of 1.2707, which will resume the uptrend and lead to new highs in the area of 1.2755 and 1.2810, where I recommend fixing the profits. If the scenario of a decline in GBP / USD is below support at 1.2655, long positions can be seen from the lows at 1.2607 and 1.2556.

To open short positions on GBP / USD, you need:

Short positions in the pound are best to look for after an unsuccessful fixing above the resistance of 1.2707, which can lead to re-test and breakdown of support 1.2655, which will increase the pressure on GBP / USD and collapse the pair to a minimum in the area of 1.2607 and 1.2556, where I recommend fixing the profits. In the case of a pound rising above 1.2707, which is unlikely, short positions can be opened immediately to rebound from a new weekly high of 1.2755.

Indicator signals:

Moving Averages

Trade is conducted just above the 30-day and 50-day moving average, with a short-term advantage of buyers of the British pound.

Bollinger bands

Bollinger Bands indicator volatility has decreased, which does not give signals on market entry.

Exchange Rates 24.12.2018 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

Miroslaw Bawulski
Analytical expert of InstaForex
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