empty
 
 
24.05.2019 03:07 PM
GBP/USD: plan for the US session on May 24. Theresa May resigns, and the pound leaves this case without attention

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

Today's news that British Prime Minister Theresa May will resign on June 7, passed for the market without a trace, as it was quite expected. Buyers of the pound in the second half of the day need to stay above the support of 1.2662, and the formation of a false breakdown there will be a signal to open long positions based on updating the morning high of 1.2723 and its breakthrough, which will open a direct road to the resistance area of 1.2789, where I recommend fixing the profits. When returning to the support of 1.2662, it is best to open long positions to rebound from a low of 1.2607.

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

Bears are expected to return in the resistance area of 1.2723, after a report on retail sales in the UK, which did not please traders. The main task for the second half of the day will be a decrease and a breakthrough of the support of 1.2662, which will lead to a new, larger will of sales of GBP/USD with the update of the lows in the area of 1.2607 and 1.2564, where I recommend fixing the profit.

Indicator signals:

Moving Averages

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

Bollinger Bands

The volatility of the indicator is low, which does not give signals to enter the market.

This image is no longer relevant

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
Miroslaw Bawulski,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback