FX.co ★ Trading plan for the European session on February 27 GBP / USD

GBP / USD

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

Buying the pound is best considered after lowering and updating the support level of 1.3931, provided it forms a false breakout and long positions are opened immediately on rebound from a new low around the level of 1.3878. The break and consolidation of GBP / USD at resistance level of 1.3993 opens a good opportunity to return to the resistance area of 1.4042, where it is recommended to lock in profits.

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

The formation of a false breakout at the level of 1.3993 will be the first signal for the opening of short positions in the pound and a break and consolidation below 1.3931 will lead to a further drop in the British pound with the main purpose of updating to the support level of 1.3878, where it is recommended to lock in profits. If the GBP / USD pair rises above the level of 1.3993 in the first half of the day, it is recommended that you return to selling only for a rebound to 1.4042.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20