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To open long positions on GBPUSD, you need:
The British pound continues to strengthen its position after yesterday's aid plan proposed by the UK government. The bulls successfully consolidated above the resistance of 1.2625, forming a good buy signal there. If you look at the 5-minute chart, you will see that after the breakout and consolidation above the level of 1.2625, buyers formed a good base for the continued growth of the pound. But even if you did not manage to enter the first wave, you could easily do so after a second decline and a test on the volume of the level of 1.2625. As long as trading is conducted above this range, the bullish momentum will continue, and the nearest target will be a maximum of 1.2676. Only a break of this level will provide the market with fresh players betting on the strengthening of GBP/USD in the area of highs of 1.2754 and 1.2803, where I recommend fixing the profits. In the scenario of a pound decline and a return to the level of 1.2625, it is best to postpone the new long positions until the support update 1.2572, where the moving averages are held or buy GBP/USD immediately to the rebound from the minimum 1.2526, slightly above which the lower border of the ascending channel is located.
To open short positions on GBPUSD, you need:
Sellers have one task – to return the pound to the support level of 1.2625. Until this happens, there is no point in talking about any correction at all. Only fixing below this range will form a good bearish signal that can return the pair to the minimum of 1.2572. The longer-term goal is the area of 1.2526, where I recommend fixing the profits, since this level will be noticeable actions of large buyers. Also, a good signal to open short positions in GBP/USD will be the formation of a false breakout in the resistance area of 1.2676. If there is no activity on the part of sellers at this level, it is best to postpone sales until the update of the maximum of 1.2754, where you can open short positions immediately on the rebound in the expectation of a correction of 30-40 points within the day.
Signals of indicators:
Moving averages
Trading is above the 30 and 50 daily averages, which indicates that the pound will continue to grow in the short term.
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
Breaking the upper limit in the area of 1.2660 will lead to a new wave of growth of the pound. If the pair falls, the lower border of the indicator around 1.2600 will provide support.
Description of indicators
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