Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

GBP / USD pair: plan for the American session on October 19. Sellers do not rush to return to the market

October 19, 2018 Analytics

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

The situation with Brexit puts traders in a dead end. Long positions can only return today if the support level of 1.3002 is reached with the formation of a divergence on the MACD indicator, which will lead to a sharp increase and closure of short positions in the pound. Otherwise, it is best to open long positions after the breakdown and consolidation above the resistance level of 1.3045, from which the demand for the pound may continue until the update of the maximum level at 1.3082, where fixing profits are recommended.

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

Sellers have formed an unfortunate consolidation above the resistance of 1.3045, and as long as the trade is conducted below this range, we can count on the continuation of the downward trend. Breakdown of the support at 1.3002 will lead to the renewal of the lows of 1.2962 and 1.2926, where fixing profits are recommended. In case of growth above the resistance level of 1.3045 in the second half of the day, short positions can be opened immediately to the rebound from the high of 1.3082, where the 50-day moving average is located.

Indicator signals:

Moving Averages

The pair has fixed below the moving average, which indicates the formation of a downtrend.

Bollinger bands

The breakdown of the lower limit of the Bollinger Bands indicator around 1.3008 will lead to the sale of the pound. The upper limit in the 1.3045 area today stands in the form of 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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