Trading plan for the European session on May 30 for the GBP/USD

To open long positions on GBP/USD it is required:

You can buy the pound only if it breaks and consolidate above 1.3292, which will form a new upward wave with resistance test 1.3336, where it is recommended fixing profits. In the case of a pound drop in the morning, purchases will be relevant for a false breakout in the support area of 1.3243 or a rebound from 1.3202.

To open short positions on GBP/USD it is required:

Failure to consolidate above 1.3292 will be the first signal to sell the GBP/USD in order to reduce and break the middle of the channel 1.3243, below which the pair can quickly collapse to the area of lows of the month 1.3202 and 1.3146, where it is recommended fixing profits. In the case of growth above 1.3292 in the morning, one can sell the pound on a from rebound of 1.3336.

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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