24.05.201908:37 Forex Analysis & Reviews: GBP/USD: plan for the European session on May 24. The pound's further growth will depend on the retail sales data

To open long positions on GBP/USD you need:

Only a good report on retail sales in the UK, scheduled for release in the first half of the day, will help the British pound in overcoming the resistance at 1.2670 and continue its upward correction to the highs of 1.2730 and 1.2789, where I recommend taking profits. If the decline scenario is on a weak report, you can take a long look at a rebound from the low of 1.2626, and the best way is to buy the pound on a rebound from 1.2564.

To open short positions on GBP/USD you need:

Forming a false breakout and returning to a resistance of 1.2670 will be the first signal to sell the British pound, and a breakthrough of support at 1.2626, against the background of poor retail sales data in the UK, will lead to the resumption of the downward trend with an exit to the lows in the areas of 1.2564 and 1.2500, where I recommend taking profits . In case the pound increases in the first half of the day, you can take a closer look at short positions at 1.2730 or rebound from a high of 1.2789.

Indicator signals:

Moving averages

Trade is conducted in the region of 30 and 50 medium moving, which indicates a slowdown in the bear market.

Bollinger bands

Volatility has decreased, which does not provide signals for entering the market.

Description of indicators

• MA (moving average) 50 days - yellow
• MA (moving average) 30 days - green
• MACD: fast EMA 12, slow EMA 26, SMA 9
• Bollinger Bands 20