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To open long positions on GBPUSD, you need:
After trading in the European session, nothing changed from a technical point of view, since volatility remained at a fairly low level, and the support and resistance levels, which are necessary for entering the market, were not updated. The bulls need to continue to protect the level of 1.3115, but only the formation of a false breakout on it will be a signal to continue buying the pound in the expectation of a repeated return to the resistance of 1.3170. There are also moving averages in the area of 1.3115, which can provide additional support for the pair. A secondary goal will be a breakout and consolidation of GBP/USD above the resistance of 1.3170, which forms the entry point to buy in the expectation of updating the level of 1.3218, where I recommend fixing the profits. If there is no bull activity in the area of 1.3115, it is best to postpone purchases until the lower border of the side channel is updated at 1.3063 and open long positions from there immediately for a rebound in the expectation of a correction of 35-40 points within the day.
To open short positions on GBPUSD, you need:
The main task of the bears today for the second half of the day has not changed - to return the level of 1.3115 under their control, which was not possible to do yesterday. Only in this scenario, a sell signal for the pound can be formed, however, before selling, be sure to wait for the return of GBP/USD at 1.3115 and test this area from the bottom up, which will form an entry point into short positions. The main calculation will be for a decline to the support area of 1.3063, where I recommend fixing the profits. In the scenario of further growth of the pair, I recommend considering new short positions only after updating the maximum of 1.3170 or immediately on a rebound from the larger resistance of 1.3218 in the calculation of a correction of 20-30 points within the day.
Signals of indicators:
Moving averages
Trading is just above the 30 and 50 daily averages, which indicates another attempt by the bulls to return to the market.
Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.
Bollinger Bands
A break in the lower border of the indicator around 1.3130 will increase the pressure on the pound. A break in the upper limit of the indicator around 1.3155 may lead to another attempt to build a new upward trend.
Description of indicators
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