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Analysis of transactions in the GBP / USD pair
Although there was a signal to sell after GBP/USD hit 1.3066, there was no strong decrease because the MACD line being far from zero limited the downside potential of the pair. Instead, there was a more than 50 pip increase because the indicator being in the oversold area allowed buyers to take long positions. In the afternoon, there was another signal to sell, but like before the downside potential was limited.
The continued growth of the UK economy limited the fall of GBP/USD last Friday. As such, there was a rally during the European session even though the data on UK industrial production and services sector were ignored by traders.
Since there are no important reports from the UK today, the focus of markets will be on news from Ukraine and on changes in traders' expectations regarding the Fed policy. If the central bank announces a rate hike during its March meeting, demand for dollar will rise, which will pull down GBP/USD.
For long positions:
Buy pound when the quote reaches 1.3030 (green line on the chart) and take profit at the price of 1.3063 (thicker green line on the chart). However, there is little chance for a rally today because the pair is almost past the yearly low and there are no active actions from buyers. But 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 1.3004, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.3030 and 1.3063.
For short positions:
Sell pound when the quote reaches 1.3004 (red line on the chart) and take profit at the price of 1.2965. Pressure could return at any moment, and that will lead to a further sell-off in the market. But 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 1.3030, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.3004 and 1.2965.
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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