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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Dec 2, 2019

GBP/USD: the instrument is consolidating 02 December 2019, 09:48

Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.2935
Take Profit 1.2983, 1.3011
Stop Loss 1.2890
Key Levels 1.2803, 1.2839,1.2866, 1.2900, 1.2950, 1.2983, 1.3011
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2895
Take Profit 1.2839, 1.2820
Stop Loss 1.2930, 1.2940
Key Levels 1.2803, 1.2839,1.2866, 1.2900, 1.2950, 1.2983, 1.3011
Current trend
GBP opened today with a moderate downward gap against USD and is currently trading near 1.2910, losing about 0.16%. The opening shifts were caused by investors returning to the market after the holidays in the USA and positive macroeconomic statistics from China on Saturday, while the general news background did not change much. The pound remains under pressure from uncertainty over the upcoming British parliamentary elections, despite quite clear forecasts. According to numerous opinion polls, the Conservative Party of Great Britain can get a confident majority, which will allow Boris Johnson to ratify the agreement with the EU and put an end to the fairly protracted history with Brexit.
Today, investors expect the publication of statistics on the UK Markit Manufacturing PMI in November. After the opening of the American session, similar indices will be released in the United States.
Support and resistance
Bollinger Bands in the D1 chart demonstrate flat dynamics. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic, approaching the level of "80", shows a tendency to turn in the horizontal plane, indicating a weakening of the "bullish" influence in the ultra-short term.
It is necessary to wait for the additional signals from technical indicators to open long positions.
Resistance levels: 1.2950, 1.2983, 1.3011.
Support levels: 1.2900, 1.2866, 1.2839, 1.2803.

Trading tips
To open long positions, one can rely on the rebound from the support level of 1.2900 with the subsequent breakout of 1.2930. Take profit – 1.2983 or 1.3011. Stop loss – 1.2890.
A breakdown of 1.2900 may be a signal for new sales with target at 1.2839 or 1.2820. Stop loss – 1.2930 or 1.2940.
Implementation time: 2-3 days.

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