You are here: Home > articles > Forex > GBP / USD pair: plan for the European session on October 31. Downtrend persists
GBP / USD pair: plan for the European session on October 31. Downtrend persists
October 31, 2018 1:21 pmVideo
Latest News
- Trading Signals for EUR/USD for May 3-5, 2024: sell below 1.0803 (overbought – 5/8 Murray) May 3, 2024
- Trading Signals for GOLD for May 3-5, 2024: sell below $2,320 or below $2,300 (21 SMA – 200 EMA) May 3, 2024
- Technical Analysis – GBPUSD advances above descending trendline May 3, 2024
- USD experiences day X May 3, 2024
- Bitcoin licks wounds as Fed comes on the rescue – Crypto News May 3, 2024
- GBP/USD: trading plan for the US session on May 3rd (analysis of morning deals). The pound is preparing to get out of the May 3, 2024
- EUR and GBP may drop May 3, 2024
- EUR/USD: trading plan for the US session on May 3rd (analysis of morning deals). US data will be the key moment of the week May 3, 2024
- USD/JPY: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- GBP/USD: Simple trading tips for novice traders for May 3rd (US session) May 3, 2024
- Video market update for May 03, 2024 May 3, 2024
- EUR/USD: Simple trading tips for novice traders on May 3rd (US session) May 3, 2024
- Could the BoE adopt a more dovish stance on Thursday? – Preview May 3, 2024
- EUR/USD. May 3rd. Bulls don’t give up without a fight May 3, 2024
- GBP/USD. May 3rd. Bears are counting on a strong US labor market May 3, 2024
- Market Comment – Stocks enjoy Fed-induced bounce as dollar slips ahead of NFP May 3, 2024
- Weekly Forex Outlook: 03/05/2024 – BoE and RBA decisions headline a calm week May 3, 2024
- Week Ahead – BoE and RBA decisions headline a calm week May 3, 2024
- USD/JPY: trading tips for beginners for European session on May 3 May 3, 2024
- GBP/USD: trading tips for beginners for European session on May 3 May 3, 2024
To open long positions on the GBP / USD pair, you need:
There’s nothing buyers can do change the situation on the market. Today, it is possible to expect an upward correction on the pound in the case of a false breakdown in the support area of 1.2697 or after a breakout and consolidation above the resistance of 1.2738, where the 30-day moving average runs. Only after this, the demand for the pound may increase, which will lead to an update of the highs of 1.2781 and 1.2839, where taking profits are recommended. In the case of a further reduction in the trend below the level of 1.2697, long positions can only be considered after updating the levels of 1.2663 and 1.2625.
To open short positions on the GBP / USD pair, you need:
A break of the lower border of the upward correctional channel (on the green chart) or consolidation below 1.2697 support will push the British pound even lower, which will lead to the continuation of the downward trend with the update of the new monthly lows of 1.2663 and 1.2625, where fixing profits are recommended. An unsuccessful attempt to consolidate above resistance 1.2738 will also be a signal to open short positions in a pound. Otherwise, you can sell GBP / USD at a rebound from the maximum of 1.2781.
Indicator signals:
Moving averages
Trade is conducted under the 30- and 50-day average, which indicates the continuation of the downward trend in the pound.
Bollinger bands
The lower limit of the Bollinger Bands indicator located around 1.2677 will try to limit the downside potential in the pound. A breakthrough of which will only increase the pressure on the pair. In the case of GBP / USD growth, the upper limit in the 1.2745 area will limit the upward potential.
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
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: