18.03.201909:27 Forex Analysis & Reviews: GBP/USD: plan for the European session on March 18. The British Parliament will hold another vote on Brexit

To open long positions on GBP/USD you need:

Theresa May intends to hold another vote early this week on the approval of her Brexit agreement, which could lead to a surge in pound volatility. However, the real demand for the pair can return only on Thursday, when the EU countries will vote to postpone the exit of the UK. While trading is above support at 1.3265, demand for the pound will remain, and the formation of a false breakdown in this area will be a signal to buy in order to update the highs around 1.3325 and 1.3375, where I recommend taking profits. In case the pound returns below the support of 1.3265, it is best to return to long positions from the lower border of the side channel 1.3213 and 1.3177.

To open short positions on GBP/USD you need:

The bears need to return to the support level of 1.3265, which will increase the pressure on the pair and lead to a downward correction to the region of the lower border of the side channel 1.3213 and 1.3177, where I recommend taking profits. In case the pound grows in the first half of the day, you can open short positions again on a rebound from a high of 1.3325 and 1.3375.

Indicator signals:

Moving averages

Trade is conducted in the area of 30-day and 50-day moving averages, which indicates stabilization of the situation and the formation of a side channel.

Bollinger bands

A break of the lower limit of the Bollinger Bands indicator near 1.3260 will lead to a larger decrease in the pound. The upward movement of the pound will limit the upper limit of the indicator in the area of 1.3320.

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