11.03.202008:30 Forex Analysis & Reviews: GBP/USD: plan for the European session on March 11. Pound is losing ground ahead of annual budget release, which will be revised due to the spread of coronavirus

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To open long positions on GBP/USD you need:

The British pound continued to decline during the US session on Tuesday after there was talk that the UK's annual budget could be revised due to the spread of coronavirus, which would delay the increase in investment plans that the UK government had recently mentioned. The publication of the budget is scheduled for today. Buyers of the pound need an urgent return of resistance 1.2951, as only the continuation of the upward correction depends on it, after yesterday's major fall. If this can be done, we can expect a test of highs 1.2996 and 1.3044, where I recommend taking profits. In the scenario of the pair returning to support 1.2906, which is still intermediate, it is best to return to long positions only after updating the low of yesterday at 1.2870, subject to the formation of divergence on the MACD indicator. If there is no bullish activity in this range, then I recommend that you postpone purchases until the test of the lows of 1.2833 and 1.2798.

To open short positions on GBP/USD you need:

Sellers will try to form a false breakout in the resistance area of 1.2951 today in the morning, which will be the first signal to open short positions. This will lead to the return of GBP/USD and consolidation below the support of 1.2906, which will increase the pressure on the pair and allow us to re test the low of 1.2870. However, the longer-term goal of the bears will be to support 1.2833, where a bullish divergence can be formed on the MACD indicator . Therefore, I recommend taking profits on short positions there. If the pound grows above the resistance of 1.2951, it is best to return to short positions at the test of the high of 1.2996, where the moving average also passes, or to rebound from the resistance of 1.3044.

Signals of indicators:

Moving averages

Trading is conducted below 30 and 50 moving average, which indicates a downward trend reversal.

Bollinger bands

In the event of a decline, support will be provided by the lower boundary of the indicator at 1.2833, while an unsuccessful attempt to go above the average boundary of the indicator at 1.2951 will be a sell signal. Otherwise, you can sell GBP/USD immediately on the rebound from the upper boundary in the area of 1.3044.

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

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