31.07.201910:36 Forex Analysis & Reviews: GBP / USD plan for the European session on July 31. Bears are preparing a new wave of pound decline, but this requires a breakthrough of support at 1.2145

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To open long positions on GBP / USD pair, you need:

Yesterday, pound buyers took advantage of a small pause and tried to form an upward correction in the pair, however, as we can see, nothing serious came of it. So far, it has only been possible to form support at 1.2145. A formation of a false breakdown in the first half of the day will be a signal to open long positions based on the continued growth of the pound to the area of larger resistance levels 1.2210 and 1.2264, where I recommend taking profits. If the 1.2145 area is broken, then it is best to rely on new long positions only after the update of the support at 1.2093 and 1.2040. The only thing that keeps sellers from active actions is the current meeting of the Federal Reserve System, where interest rates are likely to be lowered, which will put temporary pressure on the US dollar.

To open short positions on GBP / USD pair, you need:

As shown in the chart, the triangle formed after yesterday's correction is a kind of continuation of the bear market and the breakdown of support at 1.2145 may strengthen it. Consequently, this will lead to a further decrease in GBP/USD to the area of minimum at 1.2093 and 1.2040, where I recommend taking profits. However, as I noted above, the Fed's current decision keeps the bears from more active sales. Therefore, it is best to expect short positions after a small upward correction to the high of 1.2210, provided that there is a false breakdown or a rebound from 1.2264 resistance.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates the prevalence of pound sellers in the market.

Bollinger bands

Volatility plummeted before the release of important data on the American economy, which does not give signals on market entry.

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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