FX.co ★ Trading plan for the European session of GBP / USD pair on May 7

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

The return to the resistance level of 1.3560 will be the first signal in opening long positions of the pound with the expectation of updating resistance 1.3623, where fixing profits are recommended. In case of the decline of GBP / USD pair in the first half of the day, purchases can be seen on a false breakout near 1.3490 or on a rebound from support level of 1.3429.

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

Failure to secure and return to the resistance level of 1.3560 in the first half of the day will be an additional signal in the opening of short positions of the pound with an expectation of a decrease and update of the month's low in the area of 1.3490, with a breakout and exit to support levels of 1.3459 and 1.3429. In case of growth above 1.3560, you can sell for a rebound from 1.3623.

Indicators description

• MA (average sliding) 50 days - yellow
• MA (average sliding) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA 9
• Bollinger Bands 20