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

Bears coped with the task for the first half of the day, and buyers failed to protect the support level of 1.2460. Given the lack of news on Brexit and the lack of important fundamental statistics, bulls are acting cautiously. Their task for the second half of the day is to return to the resistance of 1.2460, from which we can again expect a second jump to the maximum area of 1.2522, where I recommend taking the profit. If the pressure on the pound continues in the second half of the day, for example, after the data on good production activity in the US, I advise you to return to long positions only on the rebound from the large support of 1.2393, which kept the pair from falling last week.

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

Bears are left to defend the level of 1.2460, which now acts as a resistance. A good report on the composite PMI and the formation of a false breakdown in this range will be a clear signal to open new short positions based on the update of a large support of 1.2393, where today I recommend taking the profits. A further target for sellers this week will be a minimum of 1.2323. If the bulls return to the market and "win back" the level of 1.2460, it is best to consider new short positions by a rebound from the maximum of 1.2522.

Signals:

Moving Averages

Trading is below the moving ones, and 30-day crosses from top to bottom the 50-day average, which is a bearish signal.

Bollinger Bands

If the pair grows in the second half of the day, the upper limit of the indicator around 1.2515 will act as a resistance level.

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