04.09.201914:46 Forex Analysis & Reviews: GBP/USD: plan for the American session on September 4. Buyers of the pound reached a large resistance level of 1.2220, ignoring the weak PMI for the service sector

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

In the morning, I paid attention to the fact that buyers of the pound will seek to the resistance area of 1.2161 and 1.2220, which happened. The purchases are so strong that even a weak report on the service sector, which seriously affects the volatility of the pair, was completely ignored by the market. At the moment, there is a slight correction from the resistance of 1.2220, but a re-test of that level could lead to further breakdown and a rising trend in the area of highs of 1.2281 and 1.2343, however, much will depend on the results of the vote on the bill proposed by the opposition prohibiting Brexit to reach an agreement. In a downward correction scenario, it is best to look at long positions on a false breakdown from the support of 1.2161 or buy a pound for a rebound from a minimum of 1.2112.

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

Boris Johnson called the probable date of early elections – October 15, but traders took it more as a positive signal. At the moment, the bears are trying to hold the level of 1.2220 and form a downward correction from it, which will be limited to the support of 1.2161. It will be possible to count on a larger movement of the pound down only after a failed vote on a bill that does not allow Brexit without an agreement. In this case, the target of the sellers will be the lows of 1.2112 and 1.2060, where I recommend taking the profit. In the scenario of further growth of GBP/USD, it is best to count on sales on a rebound from the highs of 1.2281 and 1.2343.

Signals of indicators:

Moving Averages

Trading is above 30 and 50 moving averages, indicating the predominance of buyers in the market.

Bollinger Bands

In the case of a decrease in the pound, the average border of the indicator in the area of 1.2112 will limit the downward potential.

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

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