29.01.201909:15 Forex Analysis & Reviews: GBP/USD: plan for the European session on January 29. The next Brexit vote in the UK Parliament can support the pound

Long-term review

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To open long positions on GBP/USD you need:

Today there will be another vote on Brexit in the British Parliament, which can support the British pound on the condition that there is a possible agreement on postponing the exit date from the EU. A breakthrough of the resistance of 1.3186 will be a signal to buy the pound in order to update the high of 1.3257 and 1.3348, where I recommend to take profits. In case the pound decreases below the support level of 1.3137, it is best to return to long positions to rebound from the lows of 1.3077 and 1.3013.

To open short positions on GBP/USD you need:

Under the scenario, in case the Brexit agreement is not accepted, exactly as the changes that Theresa May will offer today, the pressure on the pound may increase, and a return below the support level of 1.3137 will be the first signal to open short positions in order to decline to 1.3077 and 1.3013, where I recommend to take profits. In case the pound increases above 1.3186, it is best to consider new sales, provided that a false breakdown is formed in the resistance area of 1.3257 or on a rebound from the high of 1.3348.

Indicator signals:

Moving averages

Trade is conducted in the area of 30-day and 50-day moving, indicating a change in the upward trend.

Bollinger bands

Bollinger Bands indicator volatility decreases, which does not provide signals to enter the market

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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