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To open long positions on GBPUSD, you need:
The British pound continues its games that we saw last year amid the uncertainty associated with Brexit. Today, the same thing is repeated. It happens before the start of important negotiations on trade between the EU and the UK. At the moment, buyers can not yet oppose the sellers, since the breakdown of the level of 1.2970 quickly pushed the pound to the support of 1.2930, the breakdown of which can lead to a reversal of the upward trend formed on February 20. Only the formation of a false breakdown at the level of 1.2930 will signal the opening of long positions since at the first test of this level, the rapid rebound up did not occur. It is best to open long positions immediately on the test from the minimum around 1.2889. An important task for buyers is also to return the resistance to 1.2970, which will keep the pair in an upward trend and lead to an update of the level of 1.3006, where I recommend fixing the profits.
To open short positions on GBPUSD, you need:
The bears started to act more actively after the breakdown of the support of 1.2970, which quickly pushed the pound to the minimum of 1.2930, where the lower border of the ascending channel passes. An important task for the second half of the day will be to consolidate below this range, which will provide the bears with a direct path to the lows of 1.2889 and 1.2851, where I recommend fixing the profits. In the scenario of an upward correction of GBP/USD after a weak report on housing sales in the primary US market, short positions can be returned to a false breakdown from the resistance of 1.2970 or sell the pound immediately on a rebound from the maximum of 1.3006. Any news related to trade negotiations and fiscal stimulus will have a serious impact on the market, as traders react very impulsively to these events.
Signals of indicators:
Moving averages
Trading is already below the 30 and 50 daily averages, the breakdown of which has increased the pressure on the pound, which indicates a likely change in the trend in the short term.
Bollinger Bands
A break in the lower border of the indicator indicates large sales of the pound.
Description of indicators
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