01.04.202013:38 Forex Analysis & Reviews: GBP/USD: plan for the US session on April 1. The situation in the British pound remained unchanged. Bulls are waiting for an active breakdown of 1.2487

To open long positions on GBPUSD, you need:

Another attempt by the bears to get close to the support of 1.2315 did not lead to success, which indicates that the positive mood among traders remains, which is expected to continue the growth of the pound in the short term. From a technical point of view, nothing has changed either. Now trading is conducted in the middle of the channel, and I do not recommend taking any actions from there. While the pair is above the area of 1.2315, we can expect continued growth of GBP/USD in the resistance area of 1.2487, the breakout of which will provide a direct path to the highs of 1.2605 and 1.2686, where I recommend fixing the profits. In the scenario of a correction of the pound to the level of 1.2315, you do not need to rush to open long positions. It is best to wait for the support test of 1.2150 or buy immediately for a rebound from the minimum of 1.1985. In the afternoon, important reports on the state of the US economy will be released, which may affect the pair. Poor indicators for the US may be a signal for traders to buy the dollar as a safe-haven asset against the background of the impending crisis, which will lead to a decline in the pair.

To open short positions on GBPUSD, you need:

Sellers again tried to get to the support of 1.2315, but nothing came of it. In the afternoon, the bears should not allow the bulls to update the highs of yesterday, which will further increase the tension in the market. Also, sellers of the pound need to try to return the market under their control and to do this, it is necessary to gain a foothold below the support of 1.2315. The fifth attempt to do this already in the North American session may lead to a breakdown of this area and a larger sale of GBP/USD to the area of lows of 1.2150 and 1.1985, where I recommend fixing the profits. The support test of 1.1985 will also indicate the resumption of the bear market. In the scenario of an attempt by the bulls to regain the upward trend, only the formation of a false breakout in the resistance area of 1.2487 will act as the first signal to open short positions. Otherwise, it is best to sell the pound on a rebound from the highs of 1.2605 and 1.2686.

Signals of indicators:

Moving averages

Trading is conducted in the area of 30 and 50 daily averages, which indicates the uncertainty of the market with further direction but retains the advantage on the side of buyers.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

A break in the lower border of the indicator around 1.2332 will increase the pressure on the pound and lead to its larger decline. Growth may be limited by the upper level of the indicator around 1.2440.

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