11.11.201914:04 Forex Analysis & Reviews: GBP/USD: plan for the American session on November 11th. Data on the UK economy led to an upward correction of the pound

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

Good reports on the UK economy, which did not coincide with the forecasts of economists, led to an upward correction of the pound at the beginning of the week. The bulls have regained the level of 1.2794, and while trading will be conducted above this range, the demand for the pair will remain, which may lead to an update of the maximum of 1.2833 and 1.2874, where I recommend taking the profits. With a downward correction in the second half of the day, you can return to long positions subject to a false breakdown of the support of 1.2974, and it is best to buy immediately for a rebound from a minimum of 1.2792, which the bears did not reach at the end of last week.

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

Data on industrial production and GDP of the UK slightly cooled pound sellers, which seriously began to think about the option of reducing interest rates by the Bank of England. At the moment, their primary task will be the formation of a false breakdown in the resistance area of 1.2833, which will act as the first signal to open short positions. However, I recommend selling the pound immediately on the rebound only from the larger maximum of 1.2874. A more important goal of the bears will be the return of GBP/USD under the support of 1.2794, which will return the market under their control and push the pound to a minimum of 1.2762, where I recommend taking the profits. However, given the positive fundamental background, it is likely that the struggle at the beginning of the week will be centered around the resistance of 1.2833.

Indicator signals:

Moving Averages

Trading is conducted above the 30 and 50 daily averages, which indicates the further formation of an upward correction.

Bollinger Bands

In the case of a decline in the pound, support will be provided by the average border of the indicator in the area of 1.2794, and you can buy a pair immediately for a rebound from the lower border in the area of 1.2765.

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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