GBP/USD: plan for the US session on October 23. The pound is not supported by the buyers
October 24, 2018 12:22 am
To open long positions for GBP/USD, it is required:
It is best to rely on long positions after the formation of a false breakdown in the support area of 1.2970, which may occur after the speech of the Bank of England Governor Mark Carney. In the event of a further decrease in the pound, it is best to return to long positions from a low of 1.2921 or to a rebound from a new support of 1.2872.
To open short positions for GBP/USD, it is required:
Bears will try to seize the moment and break through the support level of 1.2970 at Mark Carney’s speech, which will lead to a new wave of sales for the GBP/USD with a low of 1.2921 and 1.2872, where I recommend taking profits. In case the pound increases in the afternoon, short positions can be returned to a rebound from the resistance of 1.3075.
Indicator signals:
Moving averages
Trade is conducted under the 30-day and 50-day average, which indicates the formation of a downtrend on the pound.
Bollinger bands
The lower limit of the Bollinger Bands indicator is located in the area of 1.2941 and can provide support to the pound in case it declines.
Indicator description
Moving Average (average sliding) 50 days – yellow
Moving Average (average sliding) 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 for GBP/USD, it is required:
It is best to rely on long positions after the formation of a false breakdown in the support area of 1.2970, which may occur after the speech of the Bank of England Governor Mark Carney. In the event of a further decrease in the pound, it is best to return to long positions from a low of 1.2921 or to a rebound from a new support of 1.2872.
To open short positions for GBP/USD, it is required:
Bears will try to seize the moment and break through the support level of 1.2970 at Mark Carney’s speech, which will lead to a new wave of sales for the GBP/USD with a low of 1.2921 and 1.2872, where I recommend taking profits. In case the pound increases in the afternoon, short positions can be returned to a rebound from the resistance of 1.3075.
Indicator signals:
Moving averages
Trade is conducted under the 30-day and 50-day average, which indicates the formation of a downtrend on the pound.
Bollinger bands
The lower limit of the Bollinger Bands indicator is located in the area of 1.2941 and can provide support to the pound in case it declines.
Indicator description
Moving Average (average sliding) 50 days – yellow
Moving Average (average sliding) 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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