27.02.202014:47 Forex Analysis & Reviews: GBP/USD: plans for US session on February 27. Pound falls amid the UK government's comments on timing of trade negotiations. The nearest target is 1.2850

To open long positions on GBP/USD, you need:

The British pound is still losing ground against the US dollar. Its unsuccessful attempt to return to the resistance level of 1.2930 I had mentioned in my morning forecast resulted in massive short deals on the pound/dollar pair. In addition, the pound was weighed down by the news that the UK will walk away from post-Brexit trade talks in June if they show little sign of progress. The bulls have missed the area of 1.2889. Now the main challenge of the day will be the return to this range. If the price consolidates in this range, it will make a rebound to the area of the 1.2930 high, where I recommend locking in profits. If the pound continues to fall after the US GDP report for the fourth quarter is released, it will be possible to buy the pound sterling after a false breakout of the monthly low near 1.2851 or right away in order to rebound from 1.2799.

To open short positions on GBP/USD, you need:

The strong sell signal from the level of 1.2930 I had spoken about in detail in the morning review resulted in the pair's decline and the breakout of the 1.2889 support level, below which trading is currently being conducted. In the afternoon, bears will have to hold off buyers' attacks in this area. Another unsuccessful attempt to grow above 1.2889 may lead to another sell-off in the area of the pair's monthly low, 1.2851, where I recommend locking in profits. If traders become reluctant to buy the pair in this range, it will most likely go down towards its low of 1.2799. If the pound continues to gain ground moving above 1.2889 in the afternoon, it will be possible to open short positions only from the pair's daily high in the area of 1.2945.

Signals of indicators:

Moving averages

Trading is being conducted below the 30-day and 50-day moving averages, which have limited today's bulls attempt to return to the market.

Bollinger Bands

In the case of an upward correction, the upper border of the indicator will act as resistance in the area of 1.2945.

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 12-period EMA. Slow 26-period EMA. 9-period SMA
• Bollinger Bands (Bollinger Bands). Period 20