Trading plan for the European session on June 11 for the GBP/USD

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

Buyers, in order to maintain the upward trend, require breakthrough and consolidation above intermediate resistance 1.3437, but the main target will be to go beyond the highs of June 7 at 1.3474, which will open new areas of resistance 1.3523 and 1.3563, where it is recommended recording profits. If the pound drops below the support level of 1.3402 in the morning, long positions can be opened on a rebound from 1.3362 and 1.3336.

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

An unsuccessful break above 1.3437 with a return to this level will be the first signal for the bears, who will try to return the pair to the support level of 1.3402 today, which will lead to the formation of a larger downward trend with the renewal of the area 1.3362 and 1.3336, where it is recommended recording the profit. In the case of a breakout and growth above 1.3437 in the morning, it is best to return to short positions against the trend of 1.3474 and a rebound from 1.3523.analytics5b1e1e27153f8.png

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