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 21. Buyers managed to maintain an uptrend

September 22, 2018 Analytics

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

The breakthrough of major resistance led to a new “portion” of purchases of the British pound and the renewal of the next monthly highs. Currently, the bulls’ goal is the intermediate resistance of 1.3276, the breakthrough of which will be a signal to buy GBP / USD with the purpose of updating the level of 1.3315 and 1.3348, where I recommend fixing the profit. When buying for the breakdown level of 1.3276, it is important to pay attention to the divergence that can be formed on the MACD indicator and which can limit the ascending potential of the pound. More optimal levels for opening long positions are located in the support area of 1.3228 and 1.3165, where it can buy a pound immediately for a rebound.

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

Sellers will try to form a false breakdown in the area of intermediate resistance of 1.3276, which will be the first signal for the sale of the pound. However, a more interesting scenario for opening short positions will be after the renewal of the resistance level of 1.3315 with the formation of a divergence on the MACD indicator, which can also force traders to shorten long positions in GBP / USD. The main task for today, the sellers of the pound will be the pair’s return to the support level of 1.3228, below which the fall will be limited to a minimum of 1.3165.

Indicator signals:

Moving Averages

The 30-day moving average and the 50-day average are directed upward, indicating a continuation of the upward trend.

Bollinger Bands

The growth of the pound may be limited by the upper boundary of the bands near 1.3310-1.3315. Considering new purchases is best after upgrading the lower boundary of Bollinger Bands around 1.3225.

analytics5ba4873137a7e.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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