Trading plan for the European session of GBP / USD pair on August 20

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

A breakdown and consolidation above the resistance of 1.2773 signal for the opening of long positions in the pound, which will lead to a larger upward wave with a test of new highs of 1.2823 and 1.2893, where fixing profits are recommended. In case of a pound drop, purchases can be considered for a rebound from 1.2697 and 1.2663.

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

The formation of a false breakout at the resistance of 1.2773 will be another signal to sell the pound with an exit to the lower border of the channel at 1.2697 and an update of 1.2663, where fixing profits are recommended. If the pound is above 1.2773 in the morning, it is best to look for short positions after the resistance test of 1.2823.

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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