GBP/USD: plan for the European session on Sept 12, 2019

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To open long positions on GBP/USD you need:

The British pound yesterday again renewed support at 1.2315, but this did not lead to serious technical changes, as the bulls managed to keep this range. At the moment, the buyers’ task is to break through the same resistance at 1.2381, which limited the upside potential yesterday, as this will only allow the bull market to resume, the target of which will be the highs of 1.2427 and 1.2460, where I recommend taking profits. If the bears continue to put pressure on the pound, it is best to open new long positions after the formation of a false breakdown level of 1.2310, which has already been tested several times. However, it is best to open long positions for a rebound in the region of a low of 1.2238.

To open short positions on GBP/USD you need:

Significant changes in the market are unlikely to occur in the morning. Sellers will wait for the publication of a report on inflation in the United States and based on it they will try to build a breakdown of support 1.2310, which will lead to a larger sale of GBP/USD already in the area of lows 1.2238 and 1.2112, where I recommend taking profits. If the bulls try to return to the market again, for example, after the report of the European Central Bank, then sellers will have to actively defend a high of 1.2381, and the formation of a false breakdown there will be an additional signal to open short positions. With larger growth, the pair can also test the 1.2238 area, from where I recommend selling immediately for a rebound.

Signals of indicators:

Moving averages

Trade is conducted in the region of 30 and 50 moving average, which indicates some market uncertainty in the short term.

Bollinger bands

Volatility is very low, which does not provide signals on entering the market.

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 September 12. The pound remains in the side channel, and only US inflation data

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