Trading plan for the European session on August 6 GBP/USD
August 6, 2018 8:21 am
To open long positions for GBP / USD, you need:
Opening long positions on the pound is advised only after the breakdown and consolidation above resistance 1.3119, which will lead to the upward trend formation in the areas of 1.3041 and 1.3079, where it is recommended to fix profits. In case of a further decline in the pound in the morning, you can go back to buying after a false breakout in the 1.2959 area or a rebound from 1.2886.
To open short positions for GBP / USD, you need:
While the trade is below 1.3002, the pressure on the pound will be maintained and the formation of a false breakdown on this range will be a good signal to further sell the GBP/USD with potential renewal of the low at 1.2959, where it is recommended to fix profits. In case of growth in the first half of the day above 1.3002, you can sell the pound for a rebound from 1.3041.
Indicators Description:
MA (average sliding) 50 days – yellow
MA (average sliding) 30 days – green
MACD: fast EMA 12, slow EMA 26, SMA 9
Bollinger Bands 20
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
To open long positions for GBP / USD, you need:
Opening long positions on the pound is advised only after the breakdown and consolidation above resistance 1.3119, which will lead to the upward trend formation in the areas of 1.3041 and 1.3079, where it is recommended to fix profits. In case of a further decline in the pound in the morning, you can go back to buying after a false breakout in the 1.2959 area or a rebound from 1.2886.
To open short positions for GBP / USD, you need:
While the trade is below 1.3002, the pressure on the pound will be maintained and the formation of a false breakdown on this range will be a good signal to further sell the GBP/USD with potential renewal of the low at 1.2959, where it is recommended to fix profits. In case of growth in the first half of the day above 1.3002, you can sell the pound for a rebound from 1.3041.
Indicators Description:
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: