GBP/USD: plan for the US session on April 29 (analysis of transactions). Bears hurt the ego of Asian buyers of the pound

Trading 29 avr 2020 Donner votre avis

To open long positions on GBPUSD, you need:

In my morning review, I recommended opening short positions after a breakout and consolidation below the level of 1.2454. If you look closely at the 5-minute chart, you will see how the bears broke through on the second attempt below this range, and then returned with a test of this level from the top down, which led to the formation of a sell signal, which was necessary to use. At the moment, buyers have an important task to keep the pair above the level of 1.2405, but they are not very good at this yet. Only a return and consolidation at this level in the second half of the day can lead to an upward correction to the resistance area of 1.2454. The longer-term goal will be the maximum of this week in the area of 1.2512, where I recommend fixing the profits. If the pressure on the pound continues, and we have US GDP data and the Federal Reserve's decision on interest rates ahead, then it is best to consider new long positions only after updating the support of 1.2348 or buy GBP/USD immediately on the rebound from the larger minimum of 1.2300 in the calculation of correction of 30-40 points within the day.

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To open short positions on GBPUSD, you need:

Sellers did a great job in the morning and broke below the level of 1.2454, which led to the demolition of several stop orders from Asian buyers of the pound and a larger sale to the area of weekly lows, where the downward movement slowed down. At the moment, the bears' task is to consolidate below the range of 1.2405, but it is unlikely to do without a small upward correction. If the bears do not release a pair above 1.2405, we will likely see tests of the lows of 1.2348 and 1.2300 in the North American session, where I recommend fixing the profits. If buyers are more persistent, it is best to return to short positions after forming a false breakout in the resistance area of 1.2454 or sell GBP/USD already on the rebound from the weekly high in the area of 1.2512.

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Signals of indicators:

Moving averages

Trading is below the 30 and 50 daily averages, which indicates a return to the market of sellers of the pound.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

A break in the lower border of the indicator around 1.2405 will only increase the pressure on the pair.

Description of indicators

  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
  • Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
  • MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
  • Bollinger Bands (Bollinger Bands). Period 20
The material has been provided by InstaForex Company - www.instaforex.com

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