26.06.201913:45 Forex Analysis & Reviews: GBP/USD: plan for the US session on June 26. The pound strengthened slightly after the parliamentary hearings on inflation

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

Parliamentary hearings on inflation did not greatly help the buyers of the pound but allowed them to get to the resistance of 1.2708. The main task of the bulls for the second half of the day will be to consolidate above this range, which will lead to an update of the maximum of 1.2756, where I recommend taking the profit. In the scenario of the pair's decline in the second half of the day against the background of a good report on the US economy, it is best to consider new long positions on the rebound from the low of 1.2644.

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

A repeated unsuccessful breakout of the resistance of 1.2708 in the second half of the day after the US data will be a clear signal to open short positions on the pound, which will lead to a further downward correction to the support area of 1.2644 and 1.2596, where I recommend taking the profit. If the bulls cope with their task and return to the resistance of 1.2708, you can count on short positions immediately on the rebound from the maximum of 1.2756.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates the formation of a downward correction.

Bollinger Bands

The breakthrough of the lower boundary of the indicator in the area of 1.2670 will increase the chance of a bearish market.

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