27.05.201912:03 Forex Analysis & Reviews: GBP / USD: plan for the European session on May 27. Upward correction will depend on the level of 1.2744

To open long positions on GBP / USD you need:

The news about Theresa May's departure has been discussed all week and therefore has not made a significant impact on the markets. The upward correction on the pound, which had been asking for a long time, now depends on the resistance of 1.2744. Its breakthrough will lead GBP / USD to the new highs of 1.2800 and 1.2858, where I recommend taking profits. With a downward correction in the first half of the day, support will be provided in the area of 1.2696, from where long positions can be opened under the condition of a false breakdown, or by a rebound from the minimum of 1.2648.

To open short positions on GBP / USD you need:

Today, in the UK, marks the Spring Break, so volatility can be quite low. The formation of a false breakdown and a return under resistance 1.2744 will be the first signal to sell the British pound for the purpose of the 1.2696 minimum test, where I recommend taking profits. Only a fixation below this range will increase the pressure on the pair and will lead to the support of 1.2648, from where large buyers will return to the market. If the growth scenario is higher than 1.2744, you can take a closer look at short positions on the rebound from the maximum of 1.2800.

Indicator signals:

Moving averages

Trade is conducted above 30 and 50 moving averages, which indicates a likely continuation of the upward correction.

Bollinger bands

In the scenario of a pound decline in the first half of the day, the support may be provided by the average border of the channel in the area of 1.2705. However, it is possible to open long positions for a rebound from the lower border to the area of 1.2670.

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