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To open long positions on GBP/USD you need:
Pound buyers completed their task yesterday and managed to stay above 1.2825, which has now transformed into the support of 1.2835. However, the lack of benchmarks did not allow the bulls to go above the high of 1.2865. The release of quite important fundamental statistics is planned for today, which can lead to a surge in volatility. Good inflation reports will lead to a breakthrough of resistance of 1.2864, and consolidation at this level will be the first signal to buy the pound in order to update the weekly highs of 1.2895 and 1.2915, where I recommend profit taking. The formation of a false breakout in the support area of 1.2834 will also preserve the probability of continued upward correction in GBP/USD. Otherwise, it is best to count on new purchases from monthly lows in the areas of 1.2799 and 1.2769.
To open short positions on GBP/USD you need:
Sellers will try to keep the pair below the resistance of 1.2864 today, and the formation of a false breakout there, together with weak data on inflation in the UK, will only increase pressure on the pound. However, a more important task for sellers will be to return under the support of 1.2834, a breakthrough of which will lead to the sale of GBP/USD to the low of 1.2799 and 1.2769, where I recommend profit taking. In the scenario of further growth of the pair above the resistance of 1.2864, short positions can be opened by rebounding from the weekly high of 1.2895, as well as from a larger resistance of 1.2915. It is very important for sellers to break below this week's lows today, which will maintain the downward trend and also form a new major pressure on the pair. In this case, the November 11 growth can be tied to the demolition of stop orders.
Signals of indicators:
Moving averages
Trade is carried out in the region of 30 and 50 moving average, which indicates market uncertainty with a further direction.
Bollinger bands
If the pair decreases, support will be provided by the lower boundary of the indicator in the region of 1.2830. The pound will be limited by the upper level of the indicator at 1.2864.
Description of indicators
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