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Analysis of transactions in the GBP / USD pair
A signal to sell emerged after GBP/USD hit 1.3269. However, there was no large decrease because the MACD line being far from zero limited the downside potential of the pair. Long positions around 1.3209 also brought losses because the market is still bearish. No other signal appeared for the rest of the day.
The sharp increase in inflationary pressures continued, leading to the sale of GBP/USD on Wednesday. This is because too high inflation is very harmful to the UK economy and makes it difficult for the Bank of England to make decisions regarding monetary policy. As for the US, the recent statements of Fed representatives hinted at more aggressive interest rate hikes in the future, prompting increased demand for USD.
There are no UK and US statistics scheduled to be released today, so GBP/USD has every chance for a correction. However, news on Joe Biden's negotiations with European colleagues on the topic of the oil embargo could lead to a surge in dollar volatility in the afternoon.
For long positions:
Buy pound when the quote reaches 1.3205 (green line on the chart) and take profit at the price of 1.3263 (thicker green line on the chart). A rally will occur if buyers take an active position around 1.3205. 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 1.3177, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.3205 and 1.3263.
For short positions:
Sell pound when the quote reaches 1.3177 (red line on the chart) and take profit at the price of 1.3125. Pressure is likely to continue as the outlook for the UK is getting gloomier every day. 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 1.3205, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.3177 and 1.3125.
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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