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28.02.201914:04 Forex Analysis & Reviews: GBP / USD plan for the American session on February 28. Pound takes a break and waits for news from Theresa May on Brexit

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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

The technical picture has not changed compared with the morning forecast and the option of continuing the growth of the British pound remains quite good. However, this requires the completion of a number of divergences on various indicators, as well as, a correction to the support area of 1.3266, to which the bears have not reached today in the morning. The main goal of the bulls is to breakthrough and consolidate above the resistance of 1.3346, which will lead to the renewal of new monthly highs around 1.3386 and 1.3437, where I recommend taking profits.

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

The demand for the pound is declining but to go against a strong uptrend is not quite the right decision. Sellers need to form a false breakdown in the area of resistance 1.3346. Only after such an event, you can count on a larger downward correction in the pound to the support area of 1.3266 and 1.3204, where I recommend taking profits. In the scenario of further growth with the trend, you can open short positions from a maximum of 1.3386 and better from a larger area of 1.3437.

More in the video forecast for February 28

Indicator signals:

Moving averages

Trading is above 30- and 50-moving averages, which indicates the bullish nature of the market but the price may move below the moving averages at any time, which will lead to a larger downward correction in the pound.

Bollinger bands

Bollinger Bands indicator volatility is very low, which does not give signals on market entry.

Exchange Rates 28.02.2019 analysis

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

Miroslaw Bawulski
Analytical expert of InstaForex
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