31.10.201908:00 Forex Analysis & Reviews: GBP/USD: plan for the European session on October 31. Pound continues to be bought amid the Fed's decision to lower rates

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To open long positions on GBP/USD you need:

While Brexit and UK election news did not support the pound and were ignored by buyers, yesterday the Federal Reserve's decision to lower rates led to a resumption of the upward trend. At the moment, the bulls are gradually approaching the upper boundary of the lateral channel at 1.2943, and further growth of the pair will depend on its breakdown. Consolidation above 1.2943 will be a signal to buy GBP/USD in order to update this month's highs in the area of 1.3012, where I recommend profit taking. If pressure on the pound returns, and this can happen after the publication of US reports, it is best to return to long positions on a false breakout in the support area of 1.2875, or on a rebound from the lower boundary of the side channel at 1.2807.

To open short positions on GBP/USD you need:

Bears will try not to let the pair go above the resistance of 1.2943, but only the formation of a false breakout at this level will be a signal to open short positions. A more important task for sellers will be a return to a support of 1.2875, which acts as a kind of mid-side channel. Consolidating below this range will raise the pressure on the pound and lead to an update of the low of 1.2807, where I recommend profit taking. In the further scenario of GBP/USD growth amid weak reports on the state of the US economy, it is best to consider short positions after updating the monthly high of 1.3012, or even higher, in the resistance area of 1.3074.

Signals of indicators:

Moving averages

Trade is conducted above 30 and 50 moving averages, which indicates a possible continued growth of the pound.

Bollinger bands

In the scenario of a decrease in GBP/USD, support will be provided by the lower boundary of the indicator in the region of 1.2860.

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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