FX.co ★ Trading plan for the US session on May 11 for the GBP/USD

To open long positions on GBP/USD it is required:

Buyers of the pound managed to get above the resistance 1.3537, which has been noted in the morning forecast, and now their main target remains the upper boundary of the side channel in the 1.3613 area, where it is recommended to take profits. If the pound declines in the second half of the day under the support of 1.3537, you can return to buying only on a rebound from 1.3464.

To open short positions on GBP/USD it is required:

Considering short positions in GBP/USD today is best after updating the upper border of the lateral channel 1.3613, counting on a decrease to the middle of 1.3537, where it is recommended taking the profit. To sell the pound in case of a return to support level 1.3537 in the afternoon will not be the most correct decision by the end of the trading week.

Description of indicators

• MA (moving average) 50 days - yellow
• MA (moving average) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA
• Bollinger Bands 20