Trading plan for the European session on May 14 for the GBP/USD
May 14, 2018 11:22 pm
To open long positions on GBP/USD, it is required:
Reduction and formation of a false breakdown at 1.3541 will be the first signal to buy pound. If there is no demand for 1.3541, one can look at long positions after the 1.3500 support test with a short stop order below. The main task of buyers will be to go beyond the upper limit of 1.3591, which opens a direct road to resistance 1.3639 and 1.3689, where it is recommend to lock in profits.
To open short positions on GBP/USD, it is required:
While the trade is below resistance 1.3591, the pressure on the pound will be maintained, which will lead to a sellout in the 1.3541 support area, but the main target will be the 1.3500 area test, where it is recommended fixing the profit. In the case of growth above 1.3591 in the morning, selling can be resumed on a rebound from 1.3639.
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
The material has been provided by InstaForex Company – www.instaforex.com
To open long positions on GBP/USD, it is required:
Reduction and formation of a false breakdown at 1.3541 will be the first signal to buy pound. If there is no demand for 1.3541, one can look at long positions after the 1.3500 support test with a short stop order below. The main task of buyers will be to go beyond the upper limit of 1.3591, which opens a direct road to resistance 1.3639 and 1.3689, where it is recommend to lock in profits.
To open short positions on GBP/USD, it is required:
While the trade is below resistance 1.3591, the pressure on the pound will be maintained, which will lead to a sellout in the 1.3541 support area, but the main target will be the 1.3500 area test, where it is recommended fixing the profit. In the case of growth above 1.3591 in the morning, selling can be resumed on a rebound from 1.3639.
Description of indicators
The material has been provided by InstaForex Company – www.instaforex.com
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