20.09.201908:35 Forex Analysis & Reviews: GBP/USD: plan for the European session on September 20. Pound resumes growth after Juncker says he is ready to sign an agreement with the UK

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To open long positions on GBP/USD you need:

Yesterday's weak data on retail sales and the fact that the Bank of England has kept rates unchanged took a back seat after European Commission President Jean Claude Juncker said he was ready to sign an agreement with the UK if it wanted to. The pound resumed growth and made its way above the resistance of 1.2510, stopping at a new high of 1.2555. The bulls' task today is to break through this range with updating a new area of 1.2600, where I recommend taking profits. If the bulls retreat at the end of the week, for example, against the backdrop of new statements from the UK government, then it is best to open long positions after a downward correction to the area of major support at 1.2475.

To open short positions on GBP/USD you need:

Sellers have no choice but to rely on the formation of a false breakout near the resistance of 1.2555, which would be the first signal for opening short positions with the aim of pulling down GBP/USD to the support of 1.2475, where I recommend taking profits. However, while there is positive news on the agreement with Brexit, the pound will continue to move up. In a growth scenario above resistance at 1.2555, it is best to consider selling on updating a high of 1.2600, or immediately on a rebound from the resistance of 1.2639.

Signals of indicators:

Moving averages

Trading is above 30 and 50 moving averages, which indicates a continuation of the bullish trend.

Bollinger bands

Under the scenario of decline, support will be provided by the average boundary of the indicator around 1.2515, however, it is best to buy the pound immediately for a rebound from the lower level of 1.2470.

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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