FX.co ★ Trading plan for the European session August 9 GBP / USD

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

To open long positions on the pound, I advise only after the breakdown and consolidation above the resistance level of 1.2893, which will lead to the formation of an upward trend in the area of 1.2943 and 1.2996, where I recommend fixing the profits. If the pound is lowered in the first half of the day below the support level of 1.2854, I recommend that you go back to buying only to rebound from new lows around 1.2815 and 1.2776.

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

The formation of a false breakout at 1.2893 and a return to it will be a good signal to the new sales of GBP / USD in order to retest the support level of 1.2854, the breakdown of which will lead to a larger sale to the area of 1.2815 and 1.2776, where I recommend fixing the profits. If the pound is rising in the first half of the day above the resistance level of 1.2893, you can sell for a rebound from a large level of 1.2943.

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