FX.co ★ GBP / USD: plan for the American session on March 6. The pound continues to build the channel

To open long positions on GBP / USD you need:

The situation in the pound did not change compared with the morning forecast. The side channel continues to form, and long positions are best viewed under the condition of a false breakdown in the support area of 1.3109-1.3100. Otherwise, you can buy GBP / USD for a rebound from a minimum of 1.3049. The main task of the bulls will be a breakthrough and consolidation above the upper boundary of the side channel in the area of 1.3179, which will lead to a larger upward correction to the maximum of 1.3248, where I recommend fixing the profits.

To open short positions on GBP / USD you need:

Sellers have the opposite task. False breakdown around 1.3180 will be a signal to open short positions, but the main task will be fixing under the lower border of the side channel in the area of 1.3109, which will lead to a larger sale with updating the minimums of 1.3049 and 1.2973, where I recommend fixing the profit. With the growth scenario above the resistance of 1.3179, short positions can be safely opened from the high of 1.3248.

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