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Analysis of transactions in the GBP / USD pair
A signal to sell appeared in the market on Friday, but there was no downward movement because the MACD line was far below zero. The same thing happened with the buy signal that followed, as that time the MACD line was in the oversold area. Then, another sell signal appeared some time in the afternoon, but this time it provoked a 10-pip decrease.
The reports published last Friday set off a strong decline in GBP / USD, with the highlight being the November CPI report from the US, which came out as expected - 6.8%. Fortunately, today, traders may see gains amid the upcoming stress tests of UK banks and the financial report of the Bank of England. Hawkish statements from BoE governor Andrew Bailey could raise demand for pound up, but by afternoon, traders should pay attention to the attempt of dollar bulls to build long positions before the Fed meeting.
For long positions:
Buy pound when the quote reaches 1.3261 (green line on the chart) and take profit at the price of 1.3300 (thicker green line on the chart). Growth in the UK economy will provoke a rally in GBP / USD.
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 1.3230, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3261 and 1.3300.
For short positions:
Sell pound when the quote reaches 1.3230 (red line on the chart) and take profit at the price of 1.3192. Weak data on the UK economy and high US inflation will bring more pressure on GBP / USD.
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 1.3261, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3230 and 1.3192.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
