Trading plan for the US session on May 16 for the GBP/USD

Source: Forex Analysis
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To open long positions on GBP/USD, it is required:

Buyers of the pound missed the middle of the channel 1.3500, and now the entire calculation will be on the formation of a false breakout in the area of 1.3454. In the absence of demand for the pound in this range, it is best to go back to GBP/USD buying after updating the next lows of 1.3410 and 1.3366.

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

While the trade is below the new resistance level of 1.3500, the pressure on the pound will be maintained, which will lead to support for 1.3454, and then to the descent to the region of new lows of 1.3410 and 1.3366, where it is recommended locking in profits. In the event of a GBP/USD returning to the resistance level of 1.3500, the pound sale is best sought for a rebound from 1.3550.

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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

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