Trading plan for the European session on September 3 GBP/USD
To open long positions for GBP/USD, you need:
The formation of a false breakout and a return to the 1.2913 level will be the first signal to buy the pound in order to close the morning gap in the 1.2953 region, where it is recommended to fix profits. In case of a decline below the support area of 1.2913, it is best to return to long positions for a rebound from 1.2868.
To open short positions for GBP/USD, you need:
Breakdown and consolidation below the 1.2913 support will indicate selling of the pound in order to reach a minimum in the 1.2868 area, where it is recommended to fix profits. In case that the GBP/USD will grow in the first half of the day, traders can sell on a false breakout from 1.2953 or on a rebound from 1.3004.
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 presented market analysis is informative and does not constitute a guide to the transaction.