16.07.201916:19 Forex Analysis & Reviews: GBP/USD: plan for the American session on July 16. The pound continued to fall, and bears are not going to stop

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

Despite the good data on the unemployment rate in the UK, the pound continued to move down, which indicates the weakness of buyers. At the moment, it is best to return to long positions after the formation of a false breakout in the support area of 1.2405 or a rebound from a larger area of 1.2374. The main task of the bulls will be to return to the resistance of 1.2439 and test the area of 1.2469, where I recommend taking the profit.

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

Bears have exceeded their plan for today, but are not going to stop. An unsuccessful consolidation above the resistance of 1.2439, or a test of the maximum of 1.2469 will be new signals for opening short positions. The aim of the sellers will be an intermediate minimum of 1.2405, the breakdown of which today in the afternoon will lead to a further downward trend of GBP/USD to the area of the lows of 1.2374 and 1.2342, where I recommend taking the profit.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, indicating a further bearish market.

Bollinger Bands

In the case of an upward correction, the average border of the indicator, which is currently in the area of 1.2475, will be a good level for opening short positions.

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