12.02.202014:52 Forex Analysis & Reviews: GBP/USD: plan for the US session on February 12. Buyers of the pound continue to fight for the level of 1.2976, but the support of large players is needed

To open long positions on GBPUSD, you need:

The upward trend is maintained. In the morning review, I paid attention to the level of 1.2976, which is a serious obstacle for the buyers of the pound. A test of this area in the first half of the day and an attempt to consolidate above this range still keeps the chance of continuing the growth of GBP/USD in the area of the highs of 1.3011 and 1.3049, where I recommend taking the profits. However, if the bulls miss this range, it is best to look at new long positions after the test of the minimum of 1.2934, and you can buy GBP/USD immediately on the rebound from the minimum of 1.2895. There is no news related to the negotiations between the UK and the EU on a trade agreement, which also plays on the side of buyers of the British pound.

To open short positions on GBPUSD, you need:

Sellers of the pound missed the level of 1.2976, but active purchases above this range are also not visible, which may lead to a decrease in the pair in the second half of the day under the above range. The formation of a false breakdown, as I mentioned in the morning forecast, will be a good signal for opening short positions in the pound, which will lead to an update of the minimum of 1.2934. However, the longer-term goal, which will lead to a reversal of the upward correction, will be at least 1.2895, where I recommend fixing the profits. In the scenario of further growth of GBP/USD, and this can happen only after the speech of Fed Chairman Jerome Powell, who can completely repeat his speech yesterday, it is best to consider new short positions from the highs of 1.3011 and 1.3049.

Signals of indicators:

Moving averages

Trading is conducted above the 30 and 50 daily averages, which indicates the likely formation of an upward correction of the pound.

Bollinger Bands

In the case of a downward correction, the lower border of the indicator around 1.2934 will provide support.

Description of indicators

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