Trading plan for the European session on August 15 GBP/USD

Source: Forex Analysis

To open long positions for GBP/USD, it is required:

Buyers of the pound can only hope for the formation of a false breakdown in the support area of 1.2684, which will be the first signal for a possible upward correction, the main purpose of which is to break through and consolidate above the resistance of 1.27, where one can expect a return to the area of a large level of 1.2789. In the event of a further decline in the pound, you can return to buying on a rebound from 1.2625.

To open short positions for GBP/USD, it is required:

The formation of a false breakout on the resistance at 1.2737, or a repeated test of support at 1.2684, will be another signal to selling the pound with the release of new weekly lows at 1.2625 and 1.2569, where I recommend to profit taking. If the pound rises above 1.2737 in the first half of the day, it is best to look for short positions after the test of resistance at 1.2789.

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Indicator description

  • Moving Average (average sliding) 50 days – yellow
  • Moving Average (average sliding) 30 days – green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20

The material has been provided by InstaForex Company – www.instaforex.com