FX.co ★ Trading plan for the European session on May 4 GBP / USD

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

The formation of a false breakout at 1.3559 and a return to it in the morning will be a good signal to buy the pound in return for a break above the level of 1.3623. This scenario will allow pound buyers to expect a larger upward correction to the area of 1.3689 and 1.3755, where I recommend fixing the profits. In the event of a further drop in the pound, purchases can be sought after upgrading the support levels of 1.3498 and 1.3459.

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

A return to the level of 1.3559 could lead to a new wave of GBP / USD sales to the support area of 1.3498 and 1.3459, where I recommend fixing the profit. The formation of a false breakout at the resistance level of 1.3623 will also be a good signal for pound sales. Otherwise, you can sell for a rebound from 1.3689 and 1.3755.

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