GBP/USD: plan for the American session on July 26. The pound continues to lose ground even at the end of the week

Trading 26 juil 2019 Donner votre avis

To open long positions on GBP/USD, you need:

Buyers are trying to form a false breakdown at the low of 1.2418, forming temporary support around 1.2410. While trading will be above this level, you can expect an upward correction in the resistance area of 1.2456, where I recommend taking the profit. However, given the situation with Brexit and the uncertainty that only grew after the victory of Boris Johnson, the growth of the GBP/USD pair is unlikely to be protracted. The support breakout of 1.2415 in the second half of the day will lead to new lows of 1.2383 and 1.2342, from which you can buy the pound immediately on the rebound.

To open short positions on GBP/USD, you need:

Bears took advantage of good data on US GDP growth, which was better than economists' forecasts, but to form a more powerful downward momentum is not yet possible. The repeated support test of 1.2415 will still force the bulls to leave the market and retreat to the lows of 1.2383 and 1.2342, where I recommend taking the profits on short positions. In the case of GBP/USD growth in the second half of the day, you can sell immediately on the rebound from the resistance of 1.2456. Given the lack of important fundamental statistics at the end of the week, volatility will remain extremely low, but on the side of the pound sellers.

Indicator signals:

Moving Averages

Trading is below 30 and 50 moving averages, which indicates a further decline in the pair.

Bollinger Bands

In the case of an upward correction, the upper limit of the indicator in the area of 1.2460 will act as a resistance.

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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

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