FX.co ★ GBP / USD plan for the American session on February 18. The pound is trying to maintain the upward momentum

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

Pound buyers seem to be hooked on the resistance of 1.2924, and as long as trading will be conducted above this range, you can count on new highs around 1.2986 and 1.3047. A formation of a false breakdown in the afternoon will be a good signal for new purchases. With the scenario of recovery below the support of 1.2924, long positions in the pound can be considered on a rebound from 1.2868 low.

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

Only a return below the support level of 1.2924 can put pressure on the pound, which will lead to a larger sale to the area of minimum 1.2868, where I recommend taking profits. In the case of continued GBP/USD growth in the second half of the day or news on Brexit, new short positions can be considered after updating the highs of 1.2986 and 1.3047.

More in the video forecast for February 18

Indicator signals:

Moving averages

Trade is conducted above the 30- and 50-medium moving, which indicates a possible continuation of the growth of the pound in the short term.

Bollinger bands

Only a breakthrough of the upper limit of the Bollinger Bands indicator around 1.2945 will lead to a new increase in the pound. The lower limit in the 1.2885 area will limit the fall, where you can count on long positions.

Description of indicators

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9