GBP / USD plan for the American session on April 11. Traders do not know what to do next with the pound
To open long positions on the GBP / USD pair, you need:
Yesterday's decision of the EU to provide a long delay to the UK put traders into a dead end. Currently, the support is observed in the area of 1.3056 but opening long positions from there is best of all, provided that a false breakdown is formed. In a different scenario, buying a pound for a rebound is best in the area of 1.3021 and 1.2988. The main task for the second half of the day will be a breakthrough and consolidation above the resistance of 1.3119, which will lead to an update of the weekly highs around 1.3160 and 1.3195, where I recommend taking profits.
To open short positions on the GBP / USD pair, you need:
Given the uncertainty that persists, bears can return to the market only after they decline and consolidate below the support level of 1.30756, which will automatically result in closing long customers' positions before yesterday's news and reducing the GBP/USD pair to the minimum area of 1.3021 and 1.2988, where I recommend taking profits. Under the pound growth scenario in the second half of the day, one can take a closer look at sales from the upper border of the side channel 1.3119 or immediately on the rebound from the new resistance of 1.3160.
More in the video forecast for April 11
Trade is conducted in the region of 30 and 50 moving averages, which indicates the lateral nature of the market.
In the case of the pound growth scenario, the upper limit of the Bollinger Bands indicator in the area of 1.3119 will act as resistance.
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 20The material has been provided by InstaForex Company - www.instaforex.com