GBP/USD: plan for the American session on June 10. UK economy slows down due to uncertainty with Brexit
June 10, 2019 2:22 pm
To open long positions on GBP/USD, you need:
The break in the upward trend, the possibility of which I drew attention to in my morning forecast, led to a major drop in the pound against the backdrop of a weak report on the growth of the UK economy. The task of the bulls for the second half of the day will be to hold the support of 1.2644, from which it is possible to open long positions with a false breakout, as well as a consolidation above the resistance of 1.2691, which will make it even more difficult. Only after that can we expect the growth of demand for GBP/USD and the maximum test of 1.2728, where I recommend fixing the profit. In a breakout scenario of 1.2644, it is best to open long positions on the pound by rebounding from the minimum of 1.2612.
To open short positions on GBP/USD, you need:
The sellers of the pound coped with the morning task and broke below the lower limit of the upward channel. At the moment, the bears’ goal is to test the support of 1.2644, the consolidation of which will increase the pressure on the pair and will lead to a minimum of 1.2612, where I recommend fixing the profits. In the scenario of an upward correction in the second half of the day, you can look at short positions on a false breakout from the resistance of 1.2691 or on a rebound from the maximum of 1.2728.
Indicator signals:
Moving Averages
Trading is below 30 and 50 moving averages, which indicates a trend reversal and a return to the seller’s market.
Bollinger Bands
The upward correction of the pound will be limited by the average border of the indicator around 1.2710.
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
To open long positions on GBP/USD, you need:
The break in the upward trend, the possibility of which I drew attention to in my morning forecast, led to a major drop in the pound against the backdrop of a weak report on the growth of the UK economy. The task of the bulls for the second half of the day will be to hold the support of 1.2644, from which it is possible to open long positions with a false breakout, as well as a consolidation above the resistance of 1.2691, which will make it even more difficult. Only after that can we expect the growth of demand for GBP/USD and the maximum test of 1.2728, where I recommend fixing the profit. In a breakout scenario of 1.2644, it is best to open long positions on the pound by rebounding from the minimum of 1.2612.
To open short positions on GBP/USD, you need:
The sellers of the pound coped with the morning task and broke below the lower limit of the upward channel. At the moment, the bears’ goal is to test the support of 1.2644, the consolidation of which will increase the pressure on the pair and will lead to a minimum of 1.2612, where I recommend fixing the profits. In the scenario of an upward correction in the second half of the day, you can look at short positions on a false breakout from the resistance of 1.2691 or on a rebound from the maximum of 1.2728.
Indicator signals:
Moving Averages
Trading is below 30 and 50 moving averages, which indicates a trend reversal and a return to the seller’s market.
Bollinger Bands
The upward correction of the pound will be limited by the average border of the indicator around 1.2710.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: