06.01.202007:06 Forex Analysis & Reviews: GBP/USD: plan for the European session on January 6. Weak UK services data could be a significant problem for the pound

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To open long positions on GBP/USD you need:

The pressure on the pound remained on Friday, but the bulls are doing their best to at least somehow regain the market position. Today, they can be helped by a report on the UK services sector, which will set the direction of the market at the beginning of this week. In case of good indicators, a break of the upper limit of 1.3108 will strengthen the demand for the pound, which will lead to the renewal of highs in the areas of 1.3154 and 1.3195, where I recommend taking profits. In the scenario of a pound decline after the release of data, the formation of a false breakout in the support area of 1.3064 will also be a buy signal. Otherwise, it is best to open long positions only after the formation of a false breakout in the region of a low of 1.3018, or immediately to a rebound from support at 1.2966.

To open short positions on GBP/USD you need:

Bears will wait for a report on the service sector, and if it turns out to be worse than economists' forecasts, a breakthrough of the lower boundary of the triangle, which indicates the continuation of the current downward trend, as well as a breakthrough of support at 1.3064, all this will lead to further GBP/USD decline to the area of lows 1.3018 and 1.2966, where I recommend taking profits. An unsuccessful attempt by the bulls to return to the resistance level of 1.3108 will also be a signal to open short positions. If the pair grows above this range, you can sell on the rebound from a high of 1.3154, or after updating larger resistance at 1.3195.

Signals of indicators:

Moving averages

Trade is conducted below 30 and 50 moving averages, which indicates that pressure will be preserved in the short term.

Bollinger bands

A break of the lower boundary of the indicator at 1.3064 will increase pressure on the pound. A break of the upper boundary in the area of 1.3105 may lead to larger growth.

Description of indicators

Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
Bollinger Bands (Bollinger Bands). Period 20

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