FX.co ★ GBP/USD: plan for the European session on June 11. Bulls will rely on good labor market data

To open long positions on GBP/USD you need:

Buyers of the pound need an urgent breakthrough and consolidation above the resistance of 1.2691, which was not possible yesterday afternoon. Only good labor market data will return large players to the market, betting on the continuation of the strengthening of the pound. The goal will be a high of 1.2728, where I recommend to take profits. With a further decrease, the level of 1.2653 may provide temporary support, however, buying GBP/USD immediately on the rebound is best done from the new low of 1.2617.

To open short positions on GBP/USD you need:

Sellers of the pound will expect the formation of a false breakdown in the resistance area of 1.2691, and weak UK labor market data will again push the pound to a support of 1.2653, a re-test of which will surely lead to its breakdown and further selling to lows of 1.2617 and 1.2588, where I recommend to lock in the profit. With growth above 1.2691 in the first half of the day, it is best to consider new short positions to rebound from a high of 1.2728.

Indicator signals:

Moving averages

Trading is conducted below 30 and 50 moving averages, which indicates a possible continuation of a bearish market scenario.

Bollinger bands

In case the pound grows, the upper limit of the indicator in the area of 1.2700 will act as resistance. A break of the lower border in the 1.2665 area will be a signal to sell the pound.

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