05.08.201908:22 Forex Analysis & Reviews: GBP/USD: plan for the European session on August 5. Demand for the pound is unlikely to continue without the support of good news on Brexit

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To open long positions on GBP/USD you need:

Pound buyers made another unsuccessful attempt to raise the pound above the resistance of 1.2162, which keeps the pair in the channel for quite a long time and does not give the bulls how to start an upward correction. Weak data on the US labor market also did not lead to a consolidation above the resistance of 1.2162. At the moment, given that important reports on the UK will not be released today, the goal of bulls is to hold the level of 1.2083 in the first half of the day, the breakthrough of which will open a real opportunity to update the high of 1.2240, where I recommend to take profit. In case GBP/USD further declines, it is best to look at long positions from lows of 1.2040 and 1.1985.

To open short positions on GBP/USD you need:

Considering that important fundamental statistics on the UK economy is not set to be released today, sellers will wait for the next negative news on Brexit, which will again return GBP/USD to the support area 1.2083, a breakthrough of which will strengthen the bearish trend and lead to an update of lows of 1.2083 and 1.2040, where I recommend to take profit. If the bulls again attempt to push the pair upwards today in the first half of the day, the formation of a false breakdown in the resistance area of 1.2162 will be another signal for opening short positions. With the pound growing above the level of 1.2162, you can open short positions immediately from a high of 1.2240, which was formed at the beginning of last week.

Indicator signals:

Moving averages

Trading in the region of 30 and 50 moving averages, which indicates a short-term market uncertainty.

Bollinger bands

In case the pound declines, support will be provided by the lower limit of the indicator in the region of 1.2115, a breakthrough of which will increase the pressure on the pair. An upward correction will be limited by the upper line of the indicator in the area of 1.2185.

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

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