Trading plan for the European session for GBP / USD pair on July 27

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

It is advised to open long positions on the pound after updating support 1.3071 or after breaking through and consolidating above 1.3130 level, which will lead to a larger upward correction to the area of 1.3185, where fixing profits are recommended.

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

While the trade is below the resistance of 1.3130, the pressure on the pound will be maintained, and the formation of a false breakdown at this level will be a good signal for the opening of new short positions in order to reduce the support area of 1.3071. The main goal of the sellers will be testing of the new low at 1.3010, where fixing profits are recommended.

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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