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28.05.201809:26 Forex Analysis & Reviews: Trading plan for the European session on May 28 GBP / USD

Long-term review

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

Buying the pound is best after the breakout and consolidation above the level of 1.3340. However, the whole danger is a 50-day moving average, which is just above this range and can limit the upside potential in the pound. The main target will be resistance the area of 1.3374 and 1.3412. In case of a drop in the pound in the morning, buying is best on a rebound from 1.3294.

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

The unsuccessful consolidation above the level of 1.3340 will be the first signal to sell the GBP / USD pair in order to reduce and to break the support level of 1.3294. Below this level, the pair can quickly collapse to the area of lows at 1.3267 and 1.3224, where it is recommended lock in profits. In case of growth above the level of 1.3340, selling the pound is best on a rebound from 1.3374.

Indicator description:

MA (moving average) 50 days - yellow

MA (moving average) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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