20.02.201909:32 Forex Analysis & Reviews: GBP / USD plan for the European session on February 20. The pound rose in expectations of progress in negotiations between May and EU representatives

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

In general, the breakthrough of a number of major resistance levels and a good report on the UK labor market returned the demand for the British pound. A breakthrough and consolidation above resistance 1.3074 are required to continue the upward trend, which will lead to new highs in the 1.3111 and 1.3159 areas, where I recommend taking profits. With the downward correction scenario in the first half of the day, you can take a closer look at the false breakdown from the support of 1.3030 or rebound from a larger level 1.2977, where the 50-day moving average runs.

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

Sellers need to form a false breakdown in the area of resistance at 1.3074 in the condition of divergence on the MACD indicator. This will be the first signal to sell the pound in order to update 1.3030 and break through this range, which will count on at least 1.2977, where I recommend taking profits. In the event of further growth of the pound on the positive news that Brexit is being postponed, it is best to return to short positions after updating the maximum of 1.3111 or to rebound from 1.3159.

More details about the forecast can be found in the video review.

Indicator signals:

Moving averages

Trade is held above the 30- and 50-day moving, which indicates a further increase in the British pound.

Bollinger bands

Pound growth today may limit the upper limit of the Bollinger Bands indicator in the region of 1.3111. If there is a decrease, the lower limit of the indicator in the 1.2977 area will provide support.

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