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To open long positions on GBP/USD you need:
Given the negative background due to uncertainty around Brexit, the pressure on the pound might continue. It is best to return to long positions after updating support levels of 1.3027 and 1.3003, provided that divergence is formed on the MACD indicator. If there is no quick upward bounce from these ranges, I recommend that you look at GBP/USD purchases only at a rebound from lows of 1.2965 and 1.2909. The main task of the bulls in the first half of the day will be to return and consolidate above 1.3099, which will return the upward momentum to the pound and lead to a test of level 1.3162, where I recommend to take profit.
To open short positions on GBP/USD you need:
Bears need to make a false breakdown in the resistance area of 1.3099, which will be the first signal to sell the British pound in order to update lows around 1.3027 and 1.3000, where I recommend to take profits. Further downward movement will depend entirely on the vote in the UK Parliament, a negative result of which could lead to an update of support levels at 1.2965 and 1.2909. In case the pound increases in the first half of the day above 1.3099, selling can be returned to rebound from a resistance of 1.3162.
Indicator signals:
Moving averages
Trade is conducted below the 30-day and 50-moving averages, which indicates that a downtrend will be formed.
Bollinger bands
In case the pound decreases, the lower limit of the Bollinger Bands indicator around 1.3015 will provide support. Growth will be limited by the upper boundary of the indicator around 1.3135.
Description of indicators
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