Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

GBP / USD: plan for the European session on September 17. Buyers of the pound still early to panic

September 18, 2018 Analytics

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

Buyers of the pound need an urgent return to the resistance level of 1.3103, which will lead to the construction of a new larger wave of growth with the expectation of a test and breakdown of the maximum at 1.3141, above which levels of 1.3214 and 1.3263 open, where I recommend fixing the profits. Even if in the first half of the day, the GBP / USD falls below the support at 1.3070, there is no need to panic to the buyers of the pound. In the area of 1.3026 and 1.2981, a new lower limit of the upward price channel can be built, from which I recommend to gain long positions.

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

Sellers will try to form a false breakout in the area of intermediate resistance of 1.3101, which will be the first signal for the opening of short positions with the expectation of a decline and the breakdown of support at 1.3070, from which the pressure on the pound will increase, which will lead to the lows of 1.3026 and 1.2981, where I recommend fixing the profits. In the case of growth above 1.3103, short positions can be returned to a rebound from the weekly high of 1.3141.

Indicator signals:

The 30-day moving average tries to punch down the 50-day moving average, which will form a short-term signal for the sale of the pound.

analytics5b9f4b4a5b201.png

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

The material has been provided by InstaForex Company – www.instaforex.com

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