FX.co ★ Trading plan for the European session on May 17 GBP / USD

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

The return and consolidation at the resistance level of 1.3553 will be a good signal to buy pound for the purpose of updating the upper boundary of the lateral channel 1.3599. Only its breakthrough will lead to a powerful upward impulse with a test of highs, around 1.3648. In the case of a pound drop, purchases can be returned on a false sample from support 1.3500 or on a rebound from area 1.3454.

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

Failure to secure and return to the level of 1.3553 may lead to another downward wave in the pound, with a view to returning to support 1.3500, where I recommend fixing the profits. Only a breakthrough of this level will return GBP / USD to the monthly minimum to the area of 1.3454. If the pound is rising in the morning, short positions can be viewed after the resistance upgrade at 1.3599 or sell for a rebound of 1.3648.

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

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

Bollinger Bands 20