Trading plan for the European session on 10 May GBP / USD

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

All the movement of the pound today will be tied to the decision of the Bank of England. As long as the trade is above the level of 1.3552, the demand for GBP / USD will continue, which will lead to the renewal of resistance 1.3623, and then to a larger correction to the area of 1.3689, where I recommend fixing the profits. In the case of a decline under the support of 1.3552, you can return to purchases only after the test of 1.3485.

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

The return to the resistance level of 1.3552 in the first half of the day will be a signal for the opening of short positions in the pound in the expectation of a decrease and update of the low of the month in the 1.3485 area, with a breakout and exit to the support area of 1.3459 and 1.3429. In the case of pound growth in the morning, short positions can be searched after resistance test 1.3623, or on rebound from 1.3689.

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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