13.08.201816:04 Forex Analysis & Reviews: Trading plan for the US session on August 13 GBP / USD

Long-term review

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

The buyers made a false break in the morning and returned to the support level of 1.2739, and while the trade is above this level, one can expect an upward correction in the resistance area of 1.2789 and a maximum update in the area of 1.2847, where I recommend fixing the profits. If the pound drops below the support area of 1.2739, in the afternoon, long positions are best considered after the upgrade of the large level of 1.2677.

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

The formation of a false breakout at the resistance level of 1.2789 will be another signal to sell the pound. The main task for the second half of the day remains the consolidation below the support level of 1.2739, which will lead to another large wave of sales in GBP / USD currency pair, in the expectation of renewing the area of 1.2677 and 1.2594, where I recommend fixing the profits. In the case of a pound's rise above 1.2789, short positions are best sought after the resistance test of 1.2847 and 1.2893.

Exchange Rates 13.08.2018 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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Miroslaw Bawulski,
Analytical expert of InstaForex
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