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

GBP / USD

To open long positions on the GBP / USD, you need:

Pound buyers managed to get out at the resistance level of 1.3806 and while the trade is above this level, one can count on continuing the upward trend with the test at the level of 1.3848 and an update to the level of 1.3894, where it is recommended to lock in profits. In case of a return under the level of 1.3806, you can look at long positions after the morning support test at the level of 1.3765.

To open short positions on the GBP / USD, you need:

Considering short positions in the pound is best after the formation of the resistance in the area of 1.3848 with a false breakdown there or sell immediately for a rebound from 1.3894. A return to the level of 1.3806 could bring the GBP / USD back to the morning support level of 1.3765, where it is recommended to lock in profits.

Indicator description

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20