FX.co ★ Trading plan for the European session on March 12 GBP / USD

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

The trade is in the middle of the side channel. Buying the pound is best after the formation of a false breakdown at 1.3836. However, larger buyers will show themselves only after a decline to the support level of 1.3796, where you can open long positions immediately to rebound. A break and consolidation above the resistance level of 1.3885 will lead to the formation of a larger upward trend with a return to the area of 1.3925 and 1.3969.

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

Pressure on the pound will be maintained, as long as the trade is conducted in the downlink and below the level of 1.3885. The formation of a false breakout on this range will be a good signal to continue opening short positions in the pound for the purpose of testing and consolidation below the level of 1.3836. This will lead to larger sales of the GBP / USD to the support area of 1.3796 and 1.3756, where it is recommended to lock in profits. In case of growth above the level of 1.3885, it is recommended to return to short positions in the GBP / USD pair only on a rebound from 1.3925.

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