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Forex Analysis:::2019-02-19

GBP/USD: plan for the European session on February 19. The growth of the British pound depends on Theresa May's negotiations in Brussels

To open long positions on GBP/USD you need:

Today, all attention will be focused on the report on the UK labor market. Good fundamental data will lead to a breakthrough and consolidation above the resistance of 1.2926, which will give new impetus to growth in the area of highs of 1.2986 and 1.3047, where I recommend taking profits. In case of a downward correction, which can be observed today in the first half of the day, amid lack of clarity in negotiations between the British prime minister and EU representatives, long positions in GBP/USD can be returned to a false breakdown from the support of 1.2868 or rebound from a low of 1.2812, where the lower limit of the ascending channel passes.

To open short positions on GBP/USD you need:

The formation of a false breakdown in the area of the resistance of 1.2926 will be the first signal to open short positions in the pound in order to reduce and test the support of 1.2868, where I recommend to take profits. However, the main goal of sellers will be at least in the area of 1.2812, but even its test will not lead to the resumption of the downward trend. This requires an update of the level of 1.2769. In case of further growth of GBP/USD, after a good report on the labor market is released, you can take a closer look at short positions at the rebound from the high of 1.2986.

Indicator signals:

Moving averages

Trading in the area of 30-day and 50-day moving, which indicates the formation of the lateral nature of the market and bullish advantage.

Bollinger bands

The pound's growth for today may limit the upper limit of the Bollinger Bands indicator in the area of 1.2940. A break of the lower border around 1.2895 may lead to a larger decrease in the pair.

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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
photo
Ruben Watson
Analyst InstaForex
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