GBP / USD pair: plan for the European session on November 9. The fall of the pound will depend on GDP data

Trading 09 nov 2018 Donner votre avis

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

Today, buyers will make every effort to stop the fall of the pound in the support area of 1.3020-1.3030 and the UK economic growth data is expected in the first half of the day will support the pair. The formation of a false breakdown in the area of 1.3031 will be a signal to buy in order to reach the resistance of 1.3099, where taking profits are recommended. In the event of a further fall of the pound under the level of 1.3031 on weak economic data, it is best to open long positions to rebound from a minimum of 1.2966.

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

Breakout and consolidation below the support level of 1.3031, together with weak data on the UK economy, will be a direct signal to open short positions in the pound in order to reduce and update the minimum near 1.2966, where taking profits are recommended. In the case of a pound growth on the data, it is best to return to short positions on a rebound from a large resistance of 1.3099, where the 50-day moving average limiting upward potential also passes.

Indicator signals:

Moving averages

Trade management under the 30-and 50-day average, indicates a further decrease in the pound.

Bollinger bands

A break of the lower border of the Bollinger Bands indicator around 1.3020 will be a signal to sell a pound. In the case of growth of GBP / USD, the upward potential of the upper limit of the indicator in the region of 1.3125 will limit.

A break of the lower border of the Bollinger Bands indicator around 1.3020 will be a signal to sell a pound. In case the GBP / USD rises, the upward potential of the upper limit of the indicator in the region of 1.3125 will limit the movement.

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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

The material has been provided by InstaForex Company - www.instaforex.com

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