GBP / USD pair: plan for the US session on November 6. Bulls made a profit, but growth potential remains
To open long positions on the GBP / USD pair, you need:
The resistance of 1.3085 was attained, which I paid attention to in my morning forecast. buyers were quick to take profits and resulted in the depreciation of the pound in the area of morning support 1.3031. At the moment, the target of the bulls is the same resistance level of 1.3085. A breakdown of which will lead to the continuation of the upward trend in GBP/USD with access to the highs of 1.3135 and 1.3186, fixing profits are recommended, In the case of a decrease in the pound, it is best to consider new long positions after the update of the minimum near 1.2966, since the support level 1.3031 has already been worked out.
To open short positions on GBP / USD you need:
Sellers have worked well at the resistance of 1.3085. However, they failed to fix below support 1.3031. In the afternoon, the purpose of the bears will be a repeated test of the day’s low around 1.3031 and the breakdown of which will lead to a larger sales wave of the GBP/USD pair with the exit to the weekly level of 1.2966, where taking profits are recommended. In the case of growth above 1.3085, it is possible to consider short positions in a pound for a rebound from the highs of 1.3135 and 1.3186.
Trade is held above the 30- and 50-day average, which maintains the upward potential in the British pound.
A break of the upper border of the Bollinger Bands indicator near 1.3085 will be a signal to buy the pound, while a break of the lower border near 1.3031 will lead to a new wave of sales the GBP / USD pair.
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