FX.co ★ Trading plan for the European session on February 28 GBP / USD

GBP / USD

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

Buying the pound is not the best move for today. Only a confident break and a consolidation above the level of 1.3922 will be the signals to open long positions in the GBP / USD pair on a rebound and an update to the level of 1.3969, where it is recommended to lock in profits. In case of a further drop in the pound, opening long positions are best on a false breakout in the area of 1.3860. Or you can buy immediately on a rebound from 1.3826.

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

The formation of a false breakout at 1.3922 will be the first signal for opening short positions in the pound and a break and consolidation below the level of 1.3890 will lead to a further drop in the British pound with the main purpose of updating to the support level of 1.3860. A weak rebound from this level will indicate a further decline in the GBP / USD pair with the update to a larger area of 1.3826, where it is recommended to lock in profits. If the GBP / USD rises above 1.3922 in the morning, it is recommend to return to selling only on a rebound romf 1.3969.

Indicator description:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20