18.05.202006:21 Forex Analysis & Reviews: GBP/USD: plan for the European session on May 18 (analysis of yesterday's trades). Pressure on the pound returned after UK-EU trade negotiations failed again

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

Friday's talks between the UK and the EU on the settlement of issues related to trade after Brexit, suffered another setback, negatively affecting the pound, which after breaking through major support levels, fell again. At the moment, the task of buyers is to maintain the low of 1.2077 and forming a false breakout on it will be a signal to open long positions. However, bulls must first break through and consolidate above the resistance of 1.2119, which will push EUR/USD to the highs of 1.2170, where the moving averages pass, and then to the resistance test of 1.2225, where I recommend taking profits. If there are no active actions on the part of buyers at the low of 1.2077, it is best not to try to catch the bottom, and postpone purchases until support is updated at 1.2030, or try long positions from the local low of 1.1927 in the expectation of a correction of 30-40 points within the day.

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

Sellers have completely taken the market under their control and are now preparing to storm the next low of 1.2077, the test of which will only increase the pressure on the pound after the recent news, which will cause the pair to decline to the area of lows 1.2030 and 1.1927, where I recommend taking profits. However, when selling at current lows, do not forget about stop orders, since an upward correction can be formed at any time, and you will find yourself with short positions at the very bottom of the market. Therefore, it is better to wait for a false breakout to form in the resistance area of 1.2119, or sell GBP/USD on the rebound from the larger high of 1.2170 in the expectation of a correction from this level of about 25-30 points. A larger area for opening short positions is the resistance of 1.2225.

Signals of indicators:

Moving averages

Trading is conducted below 30 and 50 moving averages, which indicates a bearish nature of the market.

Note: The period and prices of moving averages are considered by the author on the hourly chart H1 and differs from the general definition of the classic daily moving averages on the daily chart D1.

Bollinger bands

In case of further decline, support will be provided by the lower border of the indicator in the region of 1.2050. Growth will be limited by the upper level at 1.2180.

Description of indicators

Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 50. The graph is marked in yellow.
Moving average (moving average determines the current trend by smoothing out volatility and noise). Period 30. The graph is marked in green.
MACD indicator (Moving Average Convergence / Divergence - Moving Average Convergence / Divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
Bollinger Bands (Bollinger Bands). Period 20

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