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GBP / USD: plan for the European session on November 22. No news on Brexit puts pressure on the pound
November 22, 2018 12:23 pmVideo
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To open long positions on GBP / USD, you need:
From the new wave of falling GBP / USD only the area of 1.2770 holds back. The formation at this level of a false breakdown in the first half of the day will be a signal to open long positions with the main purpose of returning and fixing above 1.2816, which will keep hope for the pound to grow in the short term. In the event of a decline in GBP / USD under the support level of 1.2770, it is best to consider new long positions at the new monthly lows in the area of 1.2694 and 1.2660.
To open short positions on GBP / USD, you need:
Failing to fix above resistance at 1.2816 will be a signal to open short positions with the aim of reducing first support at 1.2770 to the region, breaking through which will lead to a larger GBP / USD sale with a test of monthly lows around 1.2694 and 1.2660, where I recommend fixing the profits. In the case of a return to the resistance level of 1.2816, it is best to return to short positions in GBP / USD again to rebound from a weekly high of 1.2875.
Indicator signals:
Moving Averages
Trading has moved below the 30 and 50-day moving average, which is a bad signal for buyers of the pound.
Bollinger bands
The volatility of the Bollinger Bands indicator decreases, which does not give clear signals on market entry. A break of the lower border around 1.2762, together with the support level of 1.2270, may lead to a larger sale of the pound.
More details about the forecast can be found in the video review.
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
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