19.03.201909:13 Forex Analysis & Reviews: GBP/USD: plan for the European session on March 19. The pound might continue trading in the side channel with the advantage of sellers

To open long positions on GBP/USD you need:

Buyers of the pound need a confident breakdown and consolidation above the resistance of 1.3295, which may lead to increased demand and renewal of monthly highs around 1.3329 and 1.3375, where I recommend taking profits. In the morning, a number of reports will be released on the state of the labor market. In case of weak indicators, it is best to rely on new purchases of the pound at the lower limit of the lateral range around 1.3220 and 1.3182.

To open short positions on GBP/USD you need:

Sellers of the pound will try to form a false breakdown in the area of resistance at 1.3295 and 1.3329, however, short positions can be opened immediately for a rebound in the area of a high of 1.3375 In case of weak indicators on the labor market, pressure on GBP/USD may increase, which will lead to the main target in the support area of 1.3220 and 1.3182, where I recommend taking profits.

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 middle border of the Bollinger Bands indicator near 1.3250 will lead to a sharper fall of the pound. The upward movement of the pound will limit the upper limit of the indicator to 1.3285, the breakdown of which will be a signal to buy.

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