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FX.co ★ Trading plan for the European session on April 20 GBP / USD

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Forex Analysis:::2018-04-20T07:26:59

Trading plan for the European session on April 20 GBP / USD

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

Buyers of the pound will try to keep the support level at 1.4048, and a return to resistance 1.4084 will be a good signal for the opening of long positions, with the aim of correction in the area of 1.4139 and 1.4196. In the case of a decline to 1.4048 in the morning, consider buying new pound after upgrading the support level of 1.4004 or a rebound from 1.3951.

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

While the trade is below the level of 1.4084, the pressure on the pound will be maintained. A retest of 1.4048 could lead to a larger sellout in GBP / USD to update support for 1.4004 and exit at 1.3951, where I recommend fixing the profit. In the case of growth above 1.4084 in the morning, selling the pound can be on the rebound from 1.4139.

Trading plan for the European session on April 20 GBP / USD

Indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

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

Bollinger Bands 20

Analyst InstaForex
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