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Analysis of transactions in the GBP / USD pair
There was a sell signal in the market on Monday, but there was no downward movement because the MACD line was in the oversold area. Instead, EUR / USD increased by 30 pips, and towards the middle of the day tested 1.3441. Sadly, there was no further rise even though the MACD line, by that time, was moving upwards. This formed a sell signal, which provoked a 30-pip decline because the MACD line was already in the overbought area.
Parliamentary hearings and the speech of Bank of England Governor Andrew Bailey did not push the pound up yesterday. Instead, it went down amid a strong report on the US manufacturing index.
Today it is necessary to pay attention to the changes in the UK employment rate and number of applications for unemployment benefits. These data are very important because their deterioration could force the Bank of England to adhere to a super soft policy for a longer period of time. Then, in the afternoon, there will be reports on US retail trade and industrial production, which, if exceed expectations, will strengthen the position of dollar against euro even more. Statements from Fed members Raphael Bostic and Mary Daly will also be significant.
For long positions:
Open a long position when pound reaches 1.3435 (green line on the chart) and take profit at 1.3494 (thicker green line on the chart). Growth will be observed if the UK releases a strong labor market report.
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 1.3407, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3435 and 1.3494.
For short positions:
Sell pound when the quote reaches 1.3407 (red line on the chart) and take profit at the price of 1.3353. The decline will continue if the UK reports bad data on the labor market.
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 1.3435, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3407 and 1.3353.
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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