Trading plan for the European session on June 7 GBP / USD

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

To maintain the upward trend, buyers are required to breakthrough and consolidate above the resistance level of 1.3440. From this level yesterday, there was a downward correction in the pound. Only after this, will it be possible to count on a new wave of growth in the area of highs 1.3487 and 1.3523, where it is recommended to lock in profits. In case of a pound drop, long positions can be opened to rebound from 1.3386.

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

An unsuccessful break above the level of 1.3440 with a return to it will be the first signal for the bears, which will try to quickly return the pair to the support area of 1.3386. In case of a breakout and growth above the level of 1.3440 in the morning, opening short positions against the trend is best to return about the level of 1.3487 and a rebound from 1.3523.

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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