To open long positions on GBP / USD, you need:
The pound calmly reacted to the data on GDP growth for the 3rd quarter of this year, continuing to trade in the side channel slightly above the support level of 1.2646. As long as trade is conducted above this level, the demand for the British pound will remain, and the main task will be a breakthrough and consolidation above the resistance of 1.2707, which could not be done in the first half of the day. Only this will resume the uptrend and lead to new highs in the area of 1.2755 and 1.2810, where I recommend fixing the profits. If the scenario of GBP / USD decline in the second half of the day is below the support of 1.2646, and this can happen after the release of good statistics on the American economy, you can take a long look at the lows of 1.2592 and 1.2556.
To open short positions on GBP / USD, you need:
Short positions in the pound are best to look for after an unsuccessful fixing above the resistance level of 1.2707. A strong report on US GDP growth may lead to a repeated test and a breakdown of support at 1.2646, which will increase the pressure on GBP / USD and collapse the pair to a minimum in the area of 1.2592 and 1.2556, where I recommend fixing the profits. In the case of a pound rising above 1.2707, which is unlikely, short positions can be opened immediately to rebound from a new weekly high of 1.2755.
Indicator signals:
Moving Averages
Trade is conducted in the area of 30-day and 50-day moving, which more indicates the formation of the lateral nature of the market.
Bollinger bands
Bollinger Bands indicator volatility has decreased, which does not give signals on market entry.
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