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

GBP/USD

To open long positions for GBP/USD, it is required:

It would be best to consider new purchases of the pound after updating a larger support level located in the area of 1.3803, since the downward trend persists. The return of the GBP/USD pair to the resistance level of 1.3868, which was formed during the first half of the day, may lead to a larger correction with an update of 1.3914.

To open short positions for GBP/USD, it is required:

A retest of 1.3868 may lead to a breakthrough of this area with further selling of the GBP/USD to support area of 1.3803, where I recommend locking in the profit. If a major burst of volume from 1.3803 is not observed, the next wave of the pound's decline can be expected towards the area of 1.3767.

Indicator description

• Moving Average (average sliding) 50 days - yellow
• Moving Average (average sliding) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA
• Bollinger Bands 20