GBP/USD: plan for the European session on April 24. The pound will continue to decline

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

Buyers have missed the support level of 1.2948, and their main task for the first half of the day will be to return and consolidate above this range. Only after that, it will be possible to talk about the upward correction in the area of the maximum 1.2977 and 1.3009, where I recommend fixing the profit. In the scenario of further decline of the pound, in the absence of important fundamental statistics, one can look at long positions on a false breakout in the support area of 1.2909 or on a rebound from the minimum of 1.2855.

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

While trading will be below the range of 1.2948, the pressure on the pound will remain. The main task of the bears will be the test of the minimum 1.2909, the breakthrough of which will necessarily lead to a new wave of sales of GBP/USD with an exit to a minimum of 1.2855, where I recommend taking profits. In the scenario of a return to the resistance of 1.2948, it is best to return to short positions after correction to the maximum area of 1.2977 or to rebound from a large area of 1.3009.

Indicator signals:

Moving Averages

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

Bollinger Bands

Support will be provided by the lower border of the indicator Bollinger Bands in the area of 1.2909, the breakthrough of which will lead to a new sale of the pound. In the case of growth, the upper limit at 1.2970 will be an excellent level for opening short positions.

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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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