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18.05.201801:41 Forex Analysis & Reviews: Trading plan for the US session May 17 GBP/USD

Long-term review

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

It would be best to consider buying the pound after the return and consolidation in the middle of the channel of 1.3529, which opens a direct road to its upper limit of 1.3600, where I recommend profit-taking. In case the pound drops in the afternoon, you can open long positions at once on the rebound from 1.3454.

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

While the trade is below the new resistance level of 1.3529, the pressure on the pound will remain, which will lead to the support of 1.3454, and then descent into the area of new lows of 1.3410 and 1.3366, where I recommend to lock in profit. In case the GBP/USD returns to the resistance level of 1.3529, it would be best to sell the pound on the rebound from 1.3599.

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

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