29.07.202013:42 Forex-elemzések és áttekintések: GBP/USD: plan for the American session on July 29

To open long positions on GBPUSD, you need:

In the first half of the day, buyers of the pound made a break through the resistance of 1.2949, and now they are fixed on it. If you look at the 5-minute chart, you will see that it was not possible to wait for a signal to enter the market from this support, since testing 1.2949 from top to bottom on the volume did not happen. As soon as this scenario is played out and the area of 1.2949 stands, you can open long positions in the expectation of continuing the upward trend to the maximum area of 1.3025, and then on the test of a new resistance of 1.3075, where I recommend fixing the profits. However, it is unlikely that a test of these levels will occur today without significant changes in the monetary policy of the Federal Reserve. If the pair returns to the level of 1.2949 and there is no bull activity at this level in the second half of the day, it is best to wait for the decline of GBP/USD to the support of 1.2893, where the lower border of the Bollinger indicator passes or open long positions immediately for a rebound from the minimum of 1.2839 in the calculation of a correction of 30-40 points within the day.

To open short positions on GBPUSD, you need:

Bears will expect the pound to return to the level of 1.2949, which they missed today in the first half of the day, even if a divergence is formed on the MACD indicator. However, it is worth noting that there was no rapid growth after the breakout of this range, which may indicate the absence of major players above the area of 1.2949. The bears' task for the second half will be to return GBP/USD to this range, which will increase pressure on the pound and lead to a decrease in the support area of 1.2893. However, only a consolidation below this level will indicate the beginning of a larger downward correction of the pound already in the area of lows 1.2839 and 1.2786, where I recommend fixing the profits. In the scenario of further growth of the pair, it is best not to rush to sell, and wait for the update of the maximum of 1.3025 or sell the pound immediately on the rebound from the larger resistance of 1.3075 in the calculation of a correction of 30-40 points within the day.

Signals of indicators:

Moving averages

Trading is conducted above the 30 and 50 daily averages, which indicates further growth of the pound.

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 upper limit of the indicator around 1.2970 will lead to an increase in the pound. A break in the lower border of the indicator at 1.2893 will increase the pressure on the pair.

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
• Non-profit traders are speculators, such as individual traders, hedge funds, and large institutions that use the futures market for speculative purposes and meet certain requirements.
• Long non-commercial positions represent the total long open position of non-commercial traders.
• Short non-commercial positions represent the total short open position of non-commercial traders.
• Total non-commercial net position is the difference between short and long positions of non-commercial traders.