21.11.201913:51 Forex Analysis & Reviews: GBP/USD: plan for the American session on November 21. Buyers of the pound have regained the level of 1.2935 and are trying to reach the highs of the week

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

In the first half of the day, I paid attention to the resistance level of 1.2935, in the area of which I could not wait for active sales. Fixing this range with the test on smaller timeframes allows us to count on the continued growth of the pound and its return to the area of weekly highs to the level of 1.2966. However, the more important goal of the bulls will be to update the resistance at 1.3017, where I recommend taking the profits. If the bulls do not find the strength to continue the growth of the pound, and good fundamental statistics will lead to the return of the pair under the support of 1.2935 already in the US session, then in this scenario, it is best to return to long positions after the update of the support of 1.2900 or buy GBP/USD immediately on the rebound from the minimum of 1.2869.

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

The sellers did not cope with the task for the first half of the day and missed the resistance of 1.2934, which I emphasized in my morning review. Only a return to this level in the second half of the day, which may occur after a good report on the number of initial applications for unemployment benefits in the US, will return the market to bearish momentum, as a result of which you can count on the update of the minimum of 1.2900 and its breakthrough, with a return to the support of 1.2869, where I recommend fixing the profits. In the scenario of further upward correction of GBP/USD, it is best to consider short positions after the formation of a false breakdown in the resistance area of 1.2966 or sell for a rebound from the maximum of 1.3017.

Indicator signals:

Moving averages

Trading is above the 30 and 50 daily averages, indicating a possible rise in the pound in the short term.

Bollinger Bands

The downward correction will be limited to the lower level of the indicator around 1.2910, a breakthrough of which will lead to a larger decline in the pound.

Description of indicators

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