07.10.201908:33 Forex Analysis & Reviews: GBP/USD: plan for the European session on October 7. The pound needs benchmarks for Brexit to further grow. Breakthrough at 1.2346 will strengthen demand

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To open long positions on GBP/USD you need:

Pound buyers so far show activity only after the decline in GBP/USD. However, to resume the upward trend, a breakthrough of resistance at 1.2346 is required, since only such a scenario will open the way to the area of last week's high at 1.2406, and then lead to the renewal of resistance of 1.2440 and 1.2479, where I recommend taking profit. If the bears continue to take advantage of the uncertainty surrounding the situation around Brexit, and so far the EU has not given a clear answer to the plan proposed by the British prime minister last week, it is best to return to long positions after the formation of a false breakdown in the support area of 1.2291-1.2280 , or buy immediately on the rebound from the lows of 1.2241 and 1.2207.

To open short positions on GBP/USD you need:

Pound sellers are in a very dangerous situation, as last week a smooth reversal of the pair was formed from a low of October 1, which could lead to larger growth in the short term. Bears need to keep GBP/USD below the resistance of 1.2346, and the formation of a false breakdown there will increase pressure on the pound and lead to a retest of the low of last Friday at 1.2275, where I recommend taking profits. Only a breakthrough of this range will indicate the resumption of the bear market in order to test the support areas 1.2240 and 1.2200. In an upward trend scenario, it is best to consider short positions for a rebound from a high of 1.2406.

Signals of indicators:

Moving averages

Trade is conducted in the region of 30 and 50 moving average, which indicates the lateral nature of the market and uncertainty.

Bollinger bands

In case the pound declines, support will be provided by the lower boundary of the indicator in the region of 1.2290, while the upper boundary of the indicator in the region of 1.2350 will act as resistance.

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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