To open long positions on GBPUSD, you need:

In the morning forecast, I paid attention to the possibility of selling after a false breakout in the resistance area of 1.2501, which happened. However, no major downward movement was formed, and the movement itself was no more than 50 points, which is clearly visible on the 5-minute chart. Thus, the technical picture has not changed. Given that no important fundamental statistics are expected for the UK economy today, the focus will be on data on the US labor market. In the second half of the day, buyers will try to regain the resistance of 1.2501, which was not possible in the first half of the day, and a break above this range can form a larger upward correction with a repeat test of the level of 1.2573, where I recommend fixing the profits. The longer-term goal will be a weekly high of around 1.2632. However, more rational purchases are best considered with a downward correction to the low of 1.2402 and buy the pound immediately on the rebound in the expectation of correction of 40-50 points within the day. Larger bulls will show themselves only after updating the area of 1.2294.

To open short positions on GBPUSD, you need:

Sellers of the pound coped with the morning task and did not let the pair go above the resistance of 1.2501, but there was no support from major players, which forced speculators to fix profits, thereby balancing the market. Most likely, in the second half of the day, the entire focus will be placed on the data on the US economy. A bad report, which differs from economists' forecasts for the worse, may return demand for the dollar, which will lead to a new decline in the pound. The next formation of a false breakout in the resistance area of 1.2501 will be a signal to open short positions, which will push the pound/dollar pair to the weekly target support area of 1.2402. A breakdown of this level will lead to a larger fall in the pound to a minimum of 1.2294, where I recommend fixing the profits. If there is no activity from the sellers of the pound after the data is released, it is best to postpone short positions until the test of a larger resistance of 1.2573 or sell the pound immediately on a rebound from the maximum of 1.2632.

Signals of indicators:

Moving averages

Trading is conducted below the 30 and 50 daily averages, which indicates that the advantage of sellers of the pound remains.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differ from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger Bands

Growth will be limited by the upper level of the indicator in the area of 1.2555, while the break of the lower border in the area of 1.2450 will increase pressure on the pound.

Description of indicators

• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
• Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
• MACD indicator (Moving Average Convergence / Divergence - moving average convergence / divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
• Bollinger Bands (Bollinger Bands). Period 20