23.10.201914:44 Forex Analysis & Reviews: GBP/USD: plan for the American session on October 23rd. The pound paused awaiting Brexit news. The level of 1.2840 remains under the eye of sellers

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

From a technical point of view, nothing has changed, as the pound froze in anticipation of news on Brexit. Despite the uncertainty, buyers still have a high chance of growth. To do this, today it is necessary to hold the level of 1.2842 and form a false breakdown on it, which will be the first signal to buy the pound. However, the more important target of the bulls will be a return and consolidation at the resistance of 1.2923, which will lead to a larger upward movement to the weekly highs of 1.3012 and their renewal around 1.3074. In the case of further decline of GBP/USD, it is best to count on buying after the support test of 1.2757, or immediately on a rebound from the minimum of 1.2664.

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

Sellers cannot yet cope with the task of breaking through the support of 1.2842. Only this will lead to the demolition of several stop orders and a further decline in GBP/USD in the area of lows 1.2757 and 1.2664, where I recommend taking the profits. When the bulls return to the level of 1.2923, I do not recommend returning to short positions today. The next major levels will be viewed in the area of 1.3074 and 1.3167. The further movement of the pound will depend on whether the EU will make concessions to Boris Johnson on the issue of a shorter delay of the UK's exit from the EU or not.

Indicator signals:

Moving Averages

Trading is below the 30 and 50 daily averages, which indicates a possible correction of the British pound.

Bollinger Bands

In the case of pound growth and a breakthrough of the upper limit of the indicator in the area of 1.2923, it can expect further upward movement along with the trend. A break of the lower level at 1.2830 will increase the pressure on the pair.

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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