25.02.202016:54 Forex Analysis & Reviews: GBP/USD: plan for the US session on February 25. The pound bulls have reasserted themselves, however, problems with the level of 1.2970 remain

To open long positions on GBPUSD, you need:

In my morning forecast, I paid attention to the formation of a false breakdown in the resistance area of 1.2930 and purchases from this level. The pound has updated the local maximum, which maintains an upward trend. At the moment, the bulls need to return and consolidate above the resistance of 1.2970, which can happen if there is weak data on the consumer confidence indicator in the US. Only after that, you can expect to update the larger highs in the area of 1.3006 and 1.3036, where I recommend taking the profits. If the pressure on the pair returns in the second half of the day, it is best to return to long positions only after a repeated test of the minimum of 1.2930, provided a false breakdown or buy immediately for a rebound from the minimum of 1.2889.

To open short positions on GBPUSD, you need:

Sellers became more active at new weekly highs, however, the downward correction can be attributed to profit-taking on long positions. At the moment, only a false break in the area of 1.2970 with good fundamental statistics on consumer confidence in the US will be the first signal to open short positions in the expectation of a return to the support of 1.2930. However, even a break in this area and a test of the minimum of 1.2889, where I recommend fixing the profits, will not lead to a reversal of the current upward trend. If buyers achieve a return in the second half of the day to the resistance level of 1.2970, then it is best to postpone short positions on the pound until the test of the maximum of 1.3006 or sell immediately for a rebound from the area of 1.3036.

Signals of indicators:

Moving averages

Trading is conducted above the 30 and 50 daily averages, which indicates a continuation of the upward trend.

Bollinger Bands

The pound bounced off the upper border of the indicator at 1.2985, a repeated test of which will resume the upward trend. In the case of a decline in the pound, support will be provided by the average border of the indicator in the area of 1.2945.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
• Bollinger Bands (Bollinger Bands). Period 20