Trading plan for the European session of GBP / USD pair on September 7

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

While the trade is above 1.2921, demand for the pound will remain, which will lead to the renewal of the week's highs around 1.2968 and 1.3004, where fixing profits are recommended. In case of reduction of the pound in the first half of the day below the support level of 1.2921, traders can return purchasing the pair on the rebound from 1.2876.

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

Sellers need a return to support level of 1.2921. Only after that, it will be possible to count on the resumption of pressure on the pair with a view of reducing to the area of 1.2876, where fixing profits are recommended. In case of further growth, you can immediately return to GBP / USD sales on a false breakdown from resistance of 1.2968 or to a rebound from 1.3004.

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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