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17.05.201800:40 Forex Analysis & Reviews: Trading plan for the US session on May 16 for the 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 on GBP/USD, it is required:

Buyers of the pound missed the middle of the channel 1.3500, and now the entire calculation will be on the formation of a false breakout in the area of 1.3454. In the absence of demand for the pound in this range, it is best to go back to GBP/USD buying after updating the next lows of 1.3410 and 1.3366.

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

While the trade is below the new resistance level of 1.3500, the pressure on the pound will be maintained, which will lead to support for 1.3454, and then to the descent to the region of new lows of 1.3410 and 1.3366, where it is recommended locking in profits. In the event of a GBP/USD returning to the resistance level of 1.3500, the pound sale is best sought for a rebound from 1.3550.

Exchange Rates 17.05.2018 analysis

Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA
  • Bollinger Bands 20
Miroslaw Bawulski
Analytical expert of InstaForex
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