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26.03.201909:01 Forex Analysis & Reviews: GBP/USD: plan for the European session on March 26. Theresa May lost control of the Brexit process

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:

Yesterday, the British Parliament deprived Prime Minister Theresa May of control over the Brexit process, explaining that she could not cope with the task that she was entrusted with However, the GBP/USD pair reacted quite restrained. At the moment, bulls need to stay above 1.3166, and the formation of a false breakdown there will be a signal to buy. If the downward movement of the pound resumes, it is best to return to long positions after updating the low around 1.3126 or to rebound from the support of 1.3083. A breakthrough and consolidation above 1.3215 will be another signal to the increase of long positions based on the test of highs 1.3266 and 1.3316, where I recommend to lock in profits amid the Brexit process.

To open short positions on GBP/USD you need:

Alternatives for Brexit, the vote on which will take place tomorrow, keep the pound from falling. Today, sellers will try to form a false breakdown in the area of resistance at 1.3215, but the main goal will be a breakthrough and consolidation below the support of 1.3166, which will lead to selling GBP/USD to the area of lows of 1.3126 and 1.3083, where I recommend taking profits. When the growth scenario is above 1.3215 in the first half of the day, good resistance levels for sales will be seen in areas 1.3266 and 1.3316, from where you can open short positions immediately to rebound.

Indicator signals:

Moving averages

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

Bollinger bands

A break of the upper border of the Bollinger Bands indicator around 1.3218 will be a signal to buy the pound.

Exchange Rates 26.03.2019 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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