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24.07.201811:39 Forex Analysis & Reviews: Trading plan for the US session on July 23 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, you need:

In the first half of the day, buyers were unable to get above 1.3147 and made a false breakdown. In the US session, the main task is again the breakdown and consolidation above resistance 1.3147, which will return demand for the British pound and lead to a test of a new high near 1.3203, where I recommend fixing profits. In the case of the next decline in the pound, it is best to return to long positions at a rebound of 1.3076.

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

The formation of a false breakdown, which I paid attention to in the morning review, led to the first wave of the pound's decline. In the case of another failed fixing above 1.3147 and in the afternoon, you can also count on short positions, the main purpose of which will be the update of support 1.3076. In case of growth above 1.3147, you can sell the pound for a rebound from 1.3203.

Exchange Rates 24.07.2018 analysis

Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA

Bollinger Bands 20

Miroslaw Bawulski
Analytical expert of InstaForex
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