Trading plan for the US session on August 8 GBP / USD
To open long positions for GBP / USD, you need:
The buyers were unable to return to the resistance level of 1.2959, which led to the sale of the pound. Considering long positions in the current situation is best after returning and consolidating above the resistance of 1.2916, which could lead to a GBP / USD rise again in the area of the day’s highs to 1.2959, where I recommend fixing the profit. In the case of a further drop in the pound, you can buy for a rebound from 1.2867.
To open short positions for GBP / USD, you need:
The sellers fulfilled the sell signal from the level of 1.2959 and the breakdown at 1.2922, which I paid attention to in my morning review. While the trade is below 1.2916, the pressure on the pound will remain, which is likely to lead to a new wave of sales with an exit for the weekly low in the area of 1.2867 and 1.2815, where I recommend fixing profits. In the case of growth above 1.2916 in the afternoon, you can sell the pound for a rebound from 1.2959.
Description of indicators
MA (average sliding) 50 days – yellow
MA (average sliding) 30 days – green
MACD: fast EMA 12, slow EMA 26, SMA
Bollinger Bands 20