For Traders

Analytical Reviews

Trading plan

09.05.201801:44 Forex Analysis & Reviews: Trading plan for the US session on May 8 GBP/USD

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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

Buyers are trying to keep the support level at 1.3490, and the formation of a false breakdown on it will be the first signal to open long positions in the pound, based on a return to the middle of the 1.3562 channel, where I recommend locking in profits. In the event of a breakout of 1.3490, you can buy the GBP/USD after upgrading support at 1.3459 and 1.3429.

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

A break and consolidation below the support at 1.3490 in the afternoon will lead to a new wave of short positions in the pound for the purpose of testing the lows around 1.3459 and 1.3429. The main target will be the area of 1.3400, where I recommend locking in profits. In the event of an unsuccessful breakout of support for 1.3490, sales are best returned to a rebound of 1.3562.

Indicator description

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

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.