To open long positions on the GBP / USD pair, you need:
British pound buyers returned to the market after updating the support of 1.2708, which I talked about in more detail in the morning forecast. Good data on the growth of the UK economy helped the pound to break through the resistance of 1.2798 and as long as trade is conducted over this range, the demand will continue leading to an update of the maximum of 1.2868 and 1.2929, where I recommend taking profits. In the case of a return below the support level of 1.2798, you can take a closer look at purchases from the middle of the channel at 1.2753.
To open short positions on the GBP / USD pair, you need:
The bears are required to return to the level of 1.2798, which will lead to the closure of a number of long positions in the pound and a larger fall to the middle of the channel 1.2753, where I recommend taking profits. If GBP / USD continues to grow, short positions can be considered to rebound from the highs of 1.2868 and 1.2929.
Trade is conducted just above the 30- and 50-day moving, which indicates the lateral nature of the market.
Volatility remains low, which does not give signals to enter the market.
More in the video forecast for January 11
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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.