Trading plan for the European session of GBP / USD pair on May 11

To open long positions for GBP / USD pair, you need:

It is best to consider the new long positions in the pound after breaking through and fastening at the level of 1.3537, which will lead to a second return to the upper channel boundary area of 1.3613, where fixing profits are recommended. In the case of a drop in the morning, it is best to go back to purchases after updating the support level of 1.3422 or on a rebound of 1.3366.

To open short positions for GBP / USD pair, you need:

While the trade is below the resistance level of 1.3537, the pressure on the pound will be maintained. After which, it will lead to a sale to the area of yesterday's low at 1.3464 with its renewal of the area of 1.3422, where fixing profits are recommended. In the case of growth above 1.3537 in the morning, it allows selling the pound on the rebound from 1.3613.

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Description of indicators

  • 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 material has been provided by InstaForex Company - www.instaforex.com