FX.co ★ GBP/USD: plan for the European session on June 20. Pound may continue to grow after the publication of the interest rate decision

To open long positions on GBP/USD you need:

Pound buyers are optimistic and continue to open long positions. Today's goal in the first half of the day will be the level of 1.2688, consolidating on which, following the Bank of England's decision on interest rates, will lead the pound to new local high in the area of 1.2729 and 1.2758, where I recommend taking profits. With a downward correction scenario that has been brewing for a long time, it is best to rely on long positions in GBP/USD if a false breakdown occurs in the region of 1.2639 or on a rebound from the low of 1.2596.

To open short positions on GBP/USD you need:

Bears will be waiting for the Bank of England's report. Forming a false breakdown in the resistance area of 1.2688 in the first half of the day will be a good signal to open new short positions in order to fall and update the support for 1.2639, where I recommend taking profits. When the growth scenario is above the resistance of 1.2688, short positions can be returned to rebound from a high of 1.2729.

Indicator signals:

Moving averages

Trading is above 30 and 50 moving averages, which indicates the bullish nature of the market.

Bollinger bands

In case the pound falls, support will be provided by the average indicator border in the area of 1.2639.

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