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GBP/USD fell last Friday because the latest data on the UK services sector disappointed traders. But the highlight was the NFP report in the United States, which came out quite versatile because on the one hand, the unemployment rate fell, while on the other hand, the number of new jobs turned out to be much lower than expected. Surprisingly, it did not prevent the downward trend that has been observed in the pair for a long time.
Today, the market will move depending on the PMI report for the UK construction sector. Good data will help pound stay at monthly lows, but if Bank of England members make dovish statements regarding monetary policy, demand will drop sharply.
For long positions:
Buy pound when the quote reaches 1.3253 (green line on the chart) and take profit at the price of 1.3344 (thicker green line on the chart). Strong UK statistics will provoke a rise 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 1.3226, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3253 and 1.3290.
For short positions:
Sell pound when the quote reaches 1.3226 (red line on the chart) and take profit at the price of 1.3189. Weak data on the UK construction sector will bring pressure back on GBP/USD, which could intensify further if monthly lows are broken
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 1.3253, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3226 and 1.3189.
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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