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

The British pound tried to resume the downward correction again, which was stopped in the morning by a report on the UK labor market, as well as data on the decline in the unemployment rate, which is a good signal for the economy, slowing down due to the situation with Brexit. At the moment, the buyers' task is to break through the same resistance of 1.2380, which limited the upward potential yesterday in the afternoon. Only this will allow the bullish market to resume, the target of which will be the highs of 1.2427 and 1.2460, where I recommend taking the profits. If the bears build a downward correction in the second half of the day, the support will be provided by the level of 1.2315, but you can buy from there only in the scenario of a false breakdown. It is best to open long positions for a rebound around the low of 1.2238.

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

Sellers will actively protect the maximum of 1.2380, and the formation of a false breakdown there in the second half of the day will necessarily lead to a correction of GBP/USD to the support area of 1.2315, where I recommend fixing the profits. With a larger closing of long positions, the pair can test the area of 1.2238. If the bullish momentum in the North American session leads to a breakdown of the resistance at 1.2380, it is best to consider new short positions after updating the local highs around 1.2427 and 1.2460. However, without news on Brexit, and preferably positive, it will be very problematic to count on a larger increase in GBP/USD.

Signals of indicators:

Moving Averages

Trading is just above 30 and 50 moving averages, which still holds hope for a further bullish scenario.

Bollinger Bands

Volatility gradually decreases, which does not give signals to enter the market.

Exchange Rates 10.09.2019 analysis

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.

Performed by Ruben Watson,
Analytical expert
InstaForex Group © 2007-2019
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