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Analysis of transactions in the GBP / USD pair
GBP/USD tested 1.1815 last Friday. At that time, the MACD line was far from zero, so the downside potential was limited. Sometime later, the pair approached 1.0095 and tested it. But since the MACD line was still far from zero, the upside potential was also limited. No other signals appeared for the rest of the day.
Lack of UK statistics kept GBP/USD sideways; however, pressure on the dollar increased in the afternoon despite strong US retail sales and industrial production reports.
Ahead is the release of Rightmove's housing price report, as well as a speech from MPC member Michael Saunders. It is unlikely that the two will affect the market negatively, especially since the pound has been oversold lately. The US will also release data on the NAHB housing market and balance of capital account in the afternoon, but they will be of little interest, so expect continued pressure in USD.
For long positions:
Buy pound when the quote reaches 1.1906 (green line on the chart) and take profit at the price of 1.1942 (thicker green line on the chart). There is a huge chance that the correction that started last week will continue today. However, when buying, traders should make sure that the MACD line is above zero or is starting to rise from it. It is also possible to buy at 1.1868, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1906 and 1.1942.
For short positions:
Sell pound when the quote reaches 1.1868 (red line on the chart) and take profit at the price of 1.1830. Pressure will return if there is no bullish activity of buyer around weekly highs. However, when selling, make sure that the MACD line is below zero or is starting to move down from it. Pound can also be sold at 1.1906, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1868 and 1.1830.
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 decision 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.
