Trading plan for the European session of GBP / USD pair on July 16
To open long positions for GBP / USD pair, you need:
Buyers need to climb above the resistance of 1.3237 and gain a foothold there, which will keep the upside potential in the pound and lead to new highs in the area of 1.3269 and 1.3309, where fixing profit is recommended. In the event of an unsuccessful fastening at 1.3237, buying of the pound can be considered for a rebound of 1.3199.
To open short positions for GBP / USD pair, you need:
The formation of a false breakout at the resistance of 1.3237 will be a good signal to sell the pound, which will lead to a bigger sale with a test at 1.3199. The main purpose of updating the low around 1.3155, where fixing profits are recommended. In case of GBP / USD growth in the first half of the day, sales can be considered after a false breakdown of 1.3269 or a rebound from 1.3309.
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