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

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

While the trade is conducted above the middle of the channel 1.3500, demand for the pound will remain, which may lead to an upgrade of the upper limit of 1.3550. Only consolidation at this level will lead to a larger uptrend with a return to 1.3599, where I recommend fixing the profits. In the case of GBP / USD decline in the first half of the day, purchases can be sought after a false breakout at 1.3454 or at a rebound of 1.3410.

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

Fixing below the middle of the lateral channel 1.3500 will lead to a new wave of pressure on the British pound, which will allow us to count on the renewal of support for 1.3454 and for its breakthrough, which will lead to a larger sellout of GBP / USD with a yield to the lows around 1.3410 and 1.3366, where I recommend fixing the profit. In the case of GBP / USD growth in the first half of the day, sales can again be returned after a false breakout in the resistance area of 1.3550 or on a rebound from a larger level of 1.3599.

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

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