10.05.201916:00 Forex Analysis & Reviews: GBP/USD: plan for the US session on May 10. The pound ignored weak data on the UK economy

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

The pound ignored the weak data on the UK economy, which slowed in March this year. This is a good signal for buyers, but to continue growth requires a breakthrough of the resistance of 1.3020-25, which I paid attention to this morning. The breakthrough of this range will form a new, larger upward wave with a high of 1.3074 and 1.3125, where I recommend fixing the profits. In the scenario of GBP/USD decline, for example, after the release of inflation data in the US to long positions, you can look at a false breakout in the support area of 1.2971 or a rebound from the minimum of 1.2933.

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

Bears formed a false breakdown in the resistance area of 1.3020, however, even on poor data on GDP, there was no downward movement, which is a very bad signal for sellers. The whole calculation in the second half of the day will be reduced to the data on inflation in the US, which may push the pair down to the support area of 1.2971 and 1.2933, where I recommend fixing the profits. In the growth scenario above 1.3020-25, it is best to sell after a false breakout in the resistance area of 1.3074 or a rebound from the maximum of 1.3125.

Indicator signals:

Moving Averages

Trading is conducted in the area of 30 and 50 moving averages, which indicates the lateral nature of the market before the data.

Bollinger Bands

The volatility of the indicator has decreased, which does not give signals on entering the market.

Description of indicators

• MA (moving average) 50 days - yellow

• MA (moving average) 30 days - green

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

• Bollinger Bands 20