Trading plan for the European session of GBP / USD pair on August 8
To open long positions for GBP / USD pair, you need:
To open long positions on the pound I advise only after the breakdown and consolidation above the resistance of 1.2959, which will lead to the formation of an upward trend in the area of 1.2996 and 1.3041, where I recommend fixing profits. In the case of a pound drop in the morning, you can go back to shopping after a false breakout in the area of 1.2922 or a rebound from 1.2886.
To open short positions for GBP / USD pair, you need:
The formation of a false breakout at 1.2959 and a return to it will be a good signal to the new sales of GBP / USD in order to re-update the low in the area of 1.2922. A breakdown at this level will lead to a larger sale to the area of 1.2886, where fixing profits are recommended. In the case of the pound reaching above 1.2959 in the morning, you can sell on a false breakout of 1.2996 or a rebound from resistance 1.3041.
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