FX.co ★ Trading plan for the European session on March 6 GBP / USD

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

To continue the growth, buyers of the pound need to gain a foothold above the resistance level of 1.3855, which will lead to the update of the upper boundary of the rising channel in the region of 1.3894 and the exit to a new high in the area of 1.3927, where it is recommended to lock in profits. If the pound is lowered in the morning, the rebound can be seen in the area of 1.3806 but it is best to count on larger long positions after updating 1.3765.

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

As long as the trade is below 1.3855, the pressure on the pound will be maintained. This will lead to the renewal of the level of support for 1.3806. Consolidation below this level will resume the downward movement in the GBP / USD with a test at the level of 1.3765 and with the main goal of the decline to 1.3717, 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