29.07.201909:04 Forex Analysis & Reviews: GBP/USD: plan for the European session on July 29. The formation of a new cabinet of ministers of Great Britain heightened concerns about a hard Brexit

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To open long positions on GBP/USD you need:

The British pound has fallen off to the next annual low, after it became clear on Friday that the new cabinet of ministers of Great Britain consists mainly of people who support the idea of a hard Brexit. Today's buyers have the task of retaining the support of 1.2342, towards which the pair is gradually aiming for. However, it is very early to talk about any day of the market. Only a return to a resistance of 1.2387, which was missed today during the Asian session, will make it possible for the bulls to form an upward correction to the area of a high of 1.2427, where I recommend taking profits. In a different scenario, which makes it possible for GBP/USD to further decline below the support of 1.2342, it is best to open long positions to rebound near lows of 1.2305 and 1.2266.

To open short positions on GBP/USD you need:

Pound sellers still have control over the market, and the actions of the new British Prime Minister Boris Johnson only reinforce bearish sentiment. An unsuccessful attempt to return to a resistance of 1.2387 in the first half of the day will be a good signal to open new short positions in GBP/USD, the goal of which will be the next annual low in the area of 1.2342. A breakthrough of this range will only increase the pressure on the pair and lead to the support area of 1.2305, where I recommend taking profits. If the bulls manage to rise to the resistance of 1.2387, it will be very appropriate to count on new short positions from the larger level 1.2427, where you can build the upper limit of the current downward channel.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates the prevalence of pound sellers in the market.

Bollinger bands

The pair may be supported by a lower limit around 1.2342, while the upward correction will be limited to the upper limit of the indicator around 1.2415, from which you can sell the pound immediately to rebound.

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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