GBP/USD: plan for the US session on June 12. Buyers of the pound continue to push it up
June 12, 2019 2:24 pm
To open long positions on GBP/USD, you need:
The weakness of the US dollar is clearly seen in the pair with the British pound, where buyers have coped with the next task, and, despite the emerging divergence on the MACD indicator, fixed above the resistance of 1.2728. While trading is conducted above this level, it is likely that the upward correction will continue to the highs of 1.2765 and 1.2795, where I recommend fixing the profit. In the scenario of a pound decline below the level of 1.2728, for example, on good inflation data in the US, you can count on long positions to rebound from the minimum of 1.2691.
To open short positions on GBP/USD, you need:
Sellers of the pound will return only after the update of the resistance of 1.2765, and then, under the condition of false breakdown, however, I recommend opening larger short positions on the test of the maximum of 1.2795. The main task of the bears will be to close the day below the support of 1.2728, which will keep the pair in the side channel.
Indicator signals:
Moving Averages
Trading is above 30 and 50 moving averages, which indicates a possible continuation of the pair’s growth.
Bollinger Bands
The downward movement of the pound will be limited by the lower limit of the indicator in the area of 1.2710, while the breakthrough of the upper limit in the area of 1.2760 will lead to a new wave of growth.
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 weakness of the US dollar is clearly seen in the pair with the British pound, where buyers have coped with the next task, and, despite the emerging divergence on the MACD indicator, fixed above the resistance of 1.2728. While trading is conducted above this level, it is likely that the upward correction will continue to the highs of 1.2765 and 1.2795, where I recommend fixing the profit. In the scenario of a pound decline below the level of 1.2728, for example, on good inflation data in the US, you can count on long positions to rebound from the minimum of 1.2691.
To open short positions on GBP/USD, you need:
Sellers of the pound will return only after the update of the resistance of 1.2765, and then, under the condition of false breakdown, however, I recommend opening larger short positions on the test of the maximum of 1.2795. The main task of the bears will be to close the day below the support of 1.2728, which will keep the pair in the side channel.
Indicator signals:
Moving Averages
Trading is above 30 and 50 moving averages, which indicates a possible continuation of the pair’s growth.
Bollinger Bands
The downward movement of the pound will be limited by the lower limit of the indicator in the area of 1.2710, while the breakthrough of the upper limit in the area of 1.2760 will lead to a new wave of growth.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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