GBP/USD: plan for the European session on July 10, 2019

analytics5d25980d47c99.png

To open long positions on GBP/USD you need:

News that Boris Johnson could become the new British prime minister is putting more and more pressure on the pound. Judging by yesterday’s polls – it appears so. Yesterday, buyers showed themselves in the support area of 1.2439, from which an upward correction may start today, but under the condition that a false breakdown is formed on it. If the pressure on the pound continues, and the level of 1.2439 is broken, it is best to consider new long positions to rebound from lows of 1.2405 and 1.2374.

To open short positions on GBP/USD you need:

At the moment, the sellers’ goal is to break through support at 1.2439, which will maintain a downward impulse and lead to updating lows around 1.2405 and 1.2374, where I recommend taking profits. In case the pair grows after the Fed chief’s speech, short positions can be returned on a false breakdown from a resistance of 1.2471, or to rebound from a high of 1.2501.

Indicator signals:

Moving averages

Trading is below 30 and 50 moving averages, which indicates the bearish nature of the market.

Bollinger bands

An upward correction of the pound may be limited by the upper level of the indicator in the 1.2471 area.

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

The material has been provided by InstaForex Company – www.instaforex.com

Source:: GBP/USD: plan for the European session on July 10. The pound is losing ground while Boris Johnson strengthens them

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*