To open long positions on GBP/USD, you need:
Buyers of the pound managed to cling to the resistance of 1.2167 in the first half of the day, which led to a small upward movement, but it was not possible to get to the resistance of 1.2240. While trade is maintained above this range, it is possible to expect the further growth of the pound to a high of 1.2240, however, the key target will be the resistance of 1.2300, where I recommend taking the profit. If the pair returns to the support of 1.2167 in the second half of the day, the pressure on the pound will return, which will lead to another attempt to reduce to the low of 1.2083, where you can open long positions immediately on the rebound.
To open short positions on GBP/USD, you need:
Sellers need to return to the level of 1.2167, as only after that it will be possible to talk about their advantage. The absence of news on Brexit, most likely, will continue to keep the pair in the side channel, but the main task of the bears is the minimum in the area of 1.2083, the breakthrough of which will strengthen the trend and lead to an update of the supports of 1.2040 and 1.1985, where I recommend taking the profit. If the demand for the pound continues in the second half of the day, the demolition of a number of stop orders will lead to an update of the resistance of 1.2240, from which short positions can be considered if a false breakout is formed. Sell on the rebound pound is best in the area of the maximum of 1.2300.
Indicator signals:
Moving Averages
Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market.
Bollinger Bands
The break of the upper limit of the indicator in the area of 1.2193 may lead to a larger upward correction in the British pound.
Description of indicators
MA (moving average) 50 days – yellowMA (moving average) 30 days – greenMACD: fast EMA 12, slow EMA 26, SMA 9Bollinger Bands 20