GBP/USD: plan for the European session on April 22. The pound will remain in the side channel

To open long positions on GBP/USD, you need:

Today, it is Easter Monday in many countries in the eurozone, and the markets will be closed again. At the moment, the buyers' task is to return to the resistance level of 1.3009, which will lead to an upward correction in the maximum area of 1.3036, where I recommend fixing the profits. In the scenario of reducing the pair in the first half of the day, long positions can be viewed from the level of 1.2977, but only if a false breakdown is formed. In the absence of demand in the area of 1.2977, you can look at the purchases on the rebound from the area of 1.2940.

To open short positions on GBP/USD, you need:

In the first half of the day, the bears will need to form a false breakdown in the resistance area of 1.3009, which will increase the pressure on the pair and lead to another wave of sales with an update of last week's low in the support area of 1.2970, where I recommend fixing the profits. In the absence of growth in the area of 1.2970, the bears will try to push the pair even lower to the level of 1.2940. In the scenario of breakout and consolidation above the resistance of 1.3009, it is best to expect short positions to rebound from the maximum of 1.3036.

Indicator signals:

Moving Averages

Trading is conducted below 30 and 50 medium moving averages, which indicates the preservation of the bearish market.

Bollinger Bands

The volatility of the Bollinger Bands indicator is very low, which does not give signals to enter the market.

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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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