To open long positions on the GBP / USD pair, you need:
The pound is gradually falling amid the lack of positive news related to Brexit. At the moment, only the formation of a false breakdown in the region of the lower boundary of the side channel at 1.3122 will be a signal to buy the GBP/USD pair. However, the optimal scenario for long positions will be the test of 1.3072 minimum, where you can immediately buy for a rebound. The task of the bulls in the afternoon will be the return and consolidation above the resistance of 1.3188, which will lead the pair to the maximum near 1.3227 and 1.3265, where I recommend taking profits.
To open short positions on the GBP / USD pair, you need:
The bears kept the resistance at 1.3188, which led to a gradual decrease in the pound. While there is no news on Brexit, the pound will remain under pressure and a breakthrough of the lower boundary of the side channel in the area of 1.3122 will only increase pressure on it, which will return the pair to the minima of 1.3072 and 1.3030, where I recommend taking profits. In case of a growth scenario of the pound in the second half of the day, you can rely on short positions again from the resistance of 1.3188. Otherwise, you can sell directly to the rebound from 1.3227 and 1.3265.
More in the video forecast for April 4
Trade is conducted in the area of 30- and 50-moving averages, which indicates the formation of a side channel.
Bears are trying to form a breakthrough of the lower limit of the Bollinger Bands indicator around 1.3144, which only increases the pressure on the pound.
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