22.07.201915:42 Forex Analysis & Reviews: GBP/USD: plan for the American session on July 22. Bears continue to push the pound down, achieving a breakthrough of the correctional channel

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

Buyers of the pound failed to catch on to the important support level of 1.2472, which I drew attention to in my morning review, and the task for the second half of the day will be to return to this range, which will only slightly change the lower limit of the upward price channel, the minimum of which is formed on July 17. Only in this way will buyers be able to return to the highs of 1.2514 and 1.2561 and maintain an upward trend. In the scenario of further decline, support and new customers can be expected only after the update of a larger level of 1.2431.

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

Bears coped with the task in the morning and managed to return to the level of 1.2472. While trading will be conducted below this range, the pressure on GBP/USD will remain, which will lead to an update of the lows of the area of 1.2431 and 1.2383, where I recommend taking the profit. If the bulls return to the resistance of 1.2472 in the second half of the day, it is best to look at the short positions after updating the maximum of the day in the area of 1.2514.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which keeps the bearish momentum.

Bollinger Bands

With the growth of the pound in the second half of the day, the average border of the indicator in the area of 1.2495 will act as resistance, and you can sell immediately on the rebound from the upper border in the area of 1.2525.

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