15.07.201914:45 Forex Analysis & Reviews: GBP/USD: plan for the American session on July 15. Bears are trying to consolidate below 1.2546 to maintain a downward momentum

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

Buyers of the pound missed the support level of 1.2546, which I paid attention to in my morning review and now their task is to return to this range, which will allow maintaining an upward momentum. The main goal is to update the highs around 1.2585 and 1.2640, where I recommend taking the profit. With further downward correction, long positions can be looked at the rebound of the lows of 1.2509 and 1.2469.

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

Sellers coped with the task of fixing below the support of 1.2546, which leaves a chance for a further decline in GBP/USD in the area of the lows 1.2509 and 1.2469, where I recommend taking the profit. Given the absence of important fundamental statistics, volatility is unlikely to be high enough. When returning the pound to the resistance of 1.2546, it is best to look at the short positions on the rebound from the maximum of 1.2585.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates market uncertainty.

Bollinger Bands

In the case of GBP/USD growth in the second half of the day, the upper limit of the indicator in the area of 1.2585 will act as a resistance.

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