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08.05.201800:16 Forex Analysis & Reviews: Trading plan for the US session on May 7 for the GBP/USD

Long-term review

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

The situation in the pound has not changed. Only a return to resistance level 1.3560 will be a signal to the opening of long positions in the pound in the expectation of renewal of resistance 1.3623, where it is recommended fixing profit. In case of the GBP/USD declining in the second half of the day, buying can be observed on a false breakout at 1.3490, or on a rebound from support 1.3429.

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

Failure to secure and return to resistance level 1.3560 will be a good signal for the opening of short positions in the pound in terms of reducing and updating the low of the month in the 1.3490 area, with a breakout and exit to supports 1.3459 and 1.3429. In case of growth above 1.3560, you can sell on a rebound from 1.3623.

Description of indicators

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

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