17.03.202014:35 Forex Analysis & Reviews: GBP/USD: plan for the US session on March 17. The pound follows a further downward trend. Bears need to protect the resistance of 1.2112

To open long positions on GBPUSD, you need:

In the morning forecast, I paid attention to the breakdown of the support of 1.2197, which led to another sale of the pound. In the short term, it is all the fault of weak data on the UK labor market, where the number of applications for unemployment benefits jumped sharply, and the unemployment rate itself rose to 3.9%. At the moment, the bulls need to urgently rehabilitate themselves by taking the resistance level of 1.2112, which will lead to an upward correction to the resistance area of 1.2197. You can expect to update the maximum of 1.2296 only if there is very weak data on retail sales in the US. In the scenario of a further decline in GBP/USD on the trend and a breakdown of the support of 1.2060, it is best to look at long positions if a false breakdown is formed in the area of 1.2019 or buy immediately on the rebound from 1.1975, where the lows of 2019 are held. However, you can expect a correction from these levels by no more than 30-40 points, since positions are opened against the trend.

To open short positions on GBPUSD, you need:

The bears continue to bend their line and have already taken the level of 1.2112, which now acts as a resistance. The formation of a false breakdown in this range after data on retail sales in the US will be another signal to open short positions based on the update of 1.2060 and 1.2019, where I recommend fixing the profits. The longer-term goal of sellers will be the lows of 2019 in the area of 1.1975 and 1.1935. If there is no pressure on the pair in the resistance area of 1.2112 in the second half of the day, it is best to postpone short positions until the test of a large resistance of 1.2197 or sell immediately on the rebound from the maximum of 1.2296, where the moving averages are also held.

Signals of indicators:

Moving averages

Trading is below the 30 and 50 daily averages, which indicates that the bearish trend is continuing.

Bollinger Bands

In the case of an upward correction, the average border of the indicator in the area of 1.2200 will act as a resistance.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
• Bollinger Bands (Bollinger Bands). Period 20