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Analysis of transactions in the GBP / USD pair
There was a signal to sell in the morning, but the decrease was limited because the MACD line was far from zero. Then, in the afternoon, a buy signal appeared, and this time it provoked a 40-pip increase because traders were able to safely take long positions. This occurred because the MACD line has been in the oversold area for a long time already.
Quite important data on the UK economy is coming out today, which may negatively affect pound. To be precise, a decline will occur if UK GDP slows down. The speech by Bank of England member Catherine L. Mann is also unlikely to benefit buyers.
But the most important thing is to monitor the situation regarding the Brexit agreement. Yesterday, UK and EU exchanged accusations against each other, exacerbating the overall picture. The European Union said it will retaliate if UK does not comply with the agreement.
In the afternoon volatility may decrease because Veterans Day is celebrated in the US. But pressure on risky assets will continue, so it is better to bet on the strengthening of dollar.
For long positions:
Open a long position when pound reaches 1.3439 (green line on the chart) and take profit at 1.3498 (thicker green line on the chart). Growth will be observed if the UK publishes strong statistics and if there is good news on Brexit.
Before buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.3398, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3439 and 1.3498.
For short positions:
Sell pound when the quote reaches 1.3398 (red line on the chart) and take profit at the price of 1.3348. The decline will continue if the US reports strong inflation data, and if the dispute over the Brexit agreement escalates.
Before selling, make sure that the MACD line is below zero, or is starting to move down from it. Pound can also be sold at 1.3439, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3398 and 1.3348.
What's on the chart:
The thin green line is the key level at which you can place long positions in the GBP/USD pair.
The thick green line is the target price, since the quote is unlikely to move above this level.
The thin red line is the level at which you can place short positions in the GBP/USD pair.
The thick red line is the target price, since the quote is unlikely to move below this level.
MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.
Important: Novice traders need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the release of news, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes.
And remember that for successful trading, you need to have a clear trading plan. Spontaneous trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.
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