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To open long positions on GBPUSD, you need to:
In the first half of the day, I made a silent mistake with the support level, which was around 1.3326. Taking into account that we didn't reach my goal by about 5-7 points, we also failed to wait for the formation of a buy signal. At the moment, the technical picture in the GBP/USD pair has changed slightly. As long as trading is above 1.3326 and as long as the bulls hold this area, you can expect an upward correction to the resistance area of 1.3398. If the decline of the GBP/USD pair resumes, it is best to postpone long positions to the minimum of 1.3264 or even buy the pound for a rebound from the larger support of 1.3195 in the expectation of a correction of 20-30 points within the day.
To open short positions on GBPUSD, you need to:
Sellers have already tested support for 1.3326 several times, and most likely another decline to this level will form a good entry point for short positions. However, much will depend on what report the UK Treasury provides and how the Bank of England Governor Andrew Bailey speaks. In the case of an ultra-soft tone, a breakout of the level of 1.3326 is provided. In this case, we can expect a further decline in GBP/USD to the area of the minimum of 1.3264. The longer-term goal will be the area of 1.3195, where I recommend fixing the profits. If the growth scenario is based on the speech of the head of the Central Bank, it is best to be patient and look for short positions only when a false breakout is formed in the resistance area of 1.3398. I recommend selling GBP/USD immediately for a rebound only from the maximum of 1.3478, based on a correction of 30-40 points within the day.
Signals of indicators:
Moving averages
Trading is conducted below the 30 and 50 daily averages, which indicates the continuation of a downward correction for the pair.
Note: The period and prices of moving averages are considered by the author on the H1 hourly chart and differ from the general definition of the classic daily moving averages on the D1 daily chart.
Bollinger Bands
A break in the lower limit of the indicator at 1.3330 will increase the pressure on the pound. Growth will be limited by the upper level of the indicator in the area of 1.3405.
Description of indicators
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