FX.co ★ GBP / USD: plan for the American session on March 5. Pound ignored the good data on the service industry, and this is a bad sign for the bulls

To open long positions on GBP / USD you need:

Despite a good report on the service sector, buyers failed to get above the resistance of 1.3195 today. Only a breakthrough and consolidation above this level will be a signal to buy, which will lead GBP / USD to update the highs around 1.3248 and 1.3308, where I recommend fixing the profits. When scenarios further reduce the pound, consider the new long positions best after updating the lows of 1.3093 and 1.3041.

To open short positions on GBP / USD you need:

The bears performed well in the resistance area of 1.3195. As long as trading continues below this range, the pressure on the pair will continue, and a repeated test of support at 1.3144 will lead to a new wave of sales pounds with an update of 1.3093 and 1.3041 lows, where I recommend fixing the profits. With the growth scenario above the 1.3195 area, GBP / USD sales can be expected to rebound from the highs of 1.3248 and 1.3308.

Indicator signals:

Moving Averages

Trade is conducted below the 30-day and 50-medium moving, which keeps the market on the side of sellers.

Bollinger bands

Bollinger Bands indicator volatility is very low, 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