GBP/USD: plan for the US session on January 10. The British pound is not in a hurry to buy, but there are still few willing to sell

To open long positions on GBPUSD, you need:

After yesterday's failed meeting of the British Prime Minister with EU representatives, as well as the approval of the Brexit bill in Parliament, the pound has wandered into a dead end. Buyers retreated from the level of 1.3071, which I emphasized in the morning forecast, but there are no willing to sell yet. An important task for the second half of the day will be to consolidate above the resistance of 1.3071, which will open GBP/USD the opportunity to test the longer-term highs of 1.3129 and 1.3206, where I recommend taking the profits. If the report on the US labor market will be better than economists' forecasts, then it is best to consider new long positions on the pound after updating the support of 1.3015, provided that a false breakout is formed there, or buy immediately on a rebound from the minimum of 1.2971.

To open short positions on GBPUSD, you need:

Bears have achieved small so far but returned to the level of 1.3071, and while trading is conducted below this range, we can expect a decline in the pound to the support of 1.3015, the breakdown of which will only increase the pressure on the pair and lead to the area of 1.2971 and 1.2904, where I recommend taking the profit. If the report on the US labor market is not so positive, the growth above the resistance of 1.3071 will lead to larger purchases. In this scenario, it is best to look for new short positions in the resistance area of 1.3129 or sell GBP/USD immediately on a rebound from the maximum of 1.3206.

Indicator signals:

Moving averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates a temporary uncertainty with the direction.

Bollinger Bands

Volatility has decreased, which does not give signals to enter the market.

Description of indicators