GBP/USD: plan for the European session on April 11. The UK can stay in the EU until October 31, 2019

To open long positions on GBP/USD you need:

During yesterday's vote, it was decided that the UK could remain in the EU until October 31, 2019. This result preserves uncertainty in the future direction of the pound, since it again does not provide clear guidelines for big players. Today, buyers need to form a false breakdown in the support area of 1.3079, which will be the first signal to buy based on a break of the upper border of the side channel of 1.3119 and on the formation of a new uptrend, which will lead the GBP/USD to a high in the area of 1.3160 and 1.3195, where I recommend to lock in profit. In case the pound decreases below the level of 1.3079, it is best to consider new long positions on a false breakdown from a support of 1.3032 or on a rebound from a larger low of 1.2988.

To open short positions on GBP/USD you need:

Today, bears will count on a return and consolidation below the intermediate support level of 1.3079, which will lead to a sharper sale to the area of 1.3032 and 1.2988, where I recommend taking profits. An unsuccessful consolidation and the formation of a false breakdown in the region of the upper boundary of the side channel of 1.3119 will also be a signal to open short positions in GBP/USD. When the growth scenario is above 1.3119 in the first half of the day, it is best to rely on selling the pound from new highs around 1.3160 and 1.3195.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates the formation of a side channel.

Bollinger bands

A break of the lower limit of the Bollinger Bands indicator near 1.3070 will put pressure on the pound. Growth will be limited to the upper region around 1.3117.

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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
The material has been provided by InstaForex Company - www.instaforex.com

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