FX.co ★ Trading plan for the European session on March 5 GBP / USD

GBP / USD

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

The trade has moved to a narrow side channel and much will depend on data on the service sector. If there is a breakthrough at the level of 1.3806, you can count on the continued growth of the pound in the area of resistances at 1.3848 and 1.3894, where it is recommended to lock in profits. If the price goes below the level of 1.3759, then going to long positions is possible to return on a false breakdown from 1.3717 or on a rebound from 1.3648.

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

A break and consolidation below the level of 1.3759, together with weak data on the service sector, may lead to the resumption of pound sales in order to update the support level of 1.3717 and further entry to new March lows in the 1.3648 area. In case of the movement of the pound in the morning above the level of 1.3806, short positions are best returned to on a rebound from 1.3848 or higher at 1.3894.

Indicator description:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20