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To open long positions on GBP/USD requires:
the Pound ignored the weak data on the UK economy, which slowed in March this year. This is a good signal for buyers, however, to continue growth, you need to breakthrough resistance 1.3020-25, which I did this morning was pay attention. A break of this range will form a new, larger upward wave test of the highs 1.3074 and 1.3125, where I recommend to take profit. In a scenario of falling GBP/USD, for example, after the release of inflation data in the US for long positions, you can look at a false breakout near the support at 1.2971 or on the rebound from the low of 1.2933.
To open short positions on GBP/USD requires:
the Bears have formed a false breakout near the resistance 1.3020, but even on the bad GDP data downward movement occurred, which is a bad sign for sellers. The whole calculation in the second half of the day will be reduced to data on U.S. inflation, which may push the pair down to the support area 1.2971 and 1.2933, where I recommend to take profit. In a scenario of rising above 1.3020-25, sell best after the formation of a false breakout near the resistance at 1.3074 or rebound from the high of 1.3125.
the Details in this video forecast for may 10.
, moving Averages
the trading is in the 30 and 50 moving averages, which indicates that the lateral nature of the market before the data.
the volatility of the indicator has decreased, that does not give signals for entering the market.
the description of the indicators
MA (moving average) 50 days – yellow MA (moving average) 30 days – green MACD: fast EMA 12, slow EMA 26, 9 SMA Bollinger Bands 20 the Material has been provided by InstaForex company - www.instaforex.com
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