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13.06.201914:38 Forex Analysis & Reviews: GBP/USD: plan for the US session on June 13. The pound remains in the wide side channel

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:

Despite the fact that the buyers of the pound missed the support level of 1.2682, while trading is above the minimum of 1.2653, it would be wrong to talk about the continuation of the downward trend. The main task of the bulls for the second half of the day is to return to the resistance of 1.2682, which will lead to an update of the highs in the area of 1.2720 and 1.2756, where I recommend taking the profit. With a further decline in GBP/USD, buyers will try to form a false breakout at a minimum of 1.2653. In another scenario, it is best to open long positions on the rebound from the minimum of 1.2617.

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

Sellers of the pound will try to keep the pair below the resistance of 1.2682, and an unsuccessful consolidation at this level in the second half of the day will be a signal to open short positions in order to reduce to the low of 1.2653 with the update of the area of 1.2617, which will indicate the formation of a new downward trend in the market. In the case of growth above 1.2682 in the second half of the day, it is best to look at short positions on the rebound from the maximum of 1.2720 or from a larger resistance of 1.276.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates a possible continuation of the pair's decline.

Bollinger Bands

In case of the pound growth in the second half of the day, the upper limit of the indicator in the area of 1.2700 will act as a resistance.

Exchange Rates 13.06.2019 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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