FX.co ★ GBP / USD plan for the American session on February 11. Pound collapsed on weak UK GDP data

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

The British pound fell in the morning, which allowed buyers to work out my morning scenario in testing the support of 1.2284, which, unfortunately, did not reach several points. As long as trade is conducted above this range, one can count on a continuation of the upward correction. Aa breakthrough of the resistance level of 1.2943 will only strengthen the demand for GBP/USD pair, which will lead to further growth in the area of maximum 1.2997, where I recommend fixing profits. In the case of a decrease in the pound today in the afternoon, long positions can return to the rebound from a minimum of 1.2852.

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

The bears failed to maintain a downward impulse after the expected weak data released on the UK economy. For the second half of the day, the task is to form a false breakdown in the area of resistance at 1.2943, which may lead to new sales of GBP/USD in order to break through support 1.2884 and update the minimum 1.2852, where I recommend taking profits. In case of growth above 1.2943, a maximum to 1.2997 will be acceptable for short positions today.

More in the video forecast for February 11

Moving averages

Trade returned to the area of 30-day and 50-day moving, which indicates the formation of the lateral nature of the market.

Bollinger bands

The volatility of the Bollinger Bands indicator is very low, and a breakthrough of the upper border around 1.2948 will lead to a larger increase in 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 20