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GBP/USD 5M
The GBP/USD pair also showed a fairly good movement during the day. Naturally, there was nothing for traders to react to during the day in the UK and the States on January 3. Therefore, we do not conclude that the pair was moving under the influence of the fundamental or macroeconomic background. However, the "thin" market may still be present now, so even a small increase in the number of short or long positions could lead to a rather strong movement, which we saw on Monday. Actually, let's move on to examining trading signals. The first buy signal was formed by the bulls when they managed to overcome the extremum level of 1.3513. However, they clearly did not have enough strength to continue the growth, which led to a reversal at the end of the European trading session and the beginning of the pair's fall, that is, the growth of the US dollar. This time the bears have already overcome the level of 1.3513, which led to the formation of a sell signal, which should also be worked out. It turned out to be not false, but not the most profitable either. The price crossed the critical line without any problems and continued to move down, but towards the end of the day the bulls became active and were able to win back some of the lost positions. As a result, the pair ended the day near the level of 1.3466, where it was necessary to manually close the short position. As a result, the profit on it amounted to about 35 points. The loss on the first trade was 15 points. Thus, the first day of the new year turned out to be not the most profitable, but still not unlucky.
We recommend you to familiarize yourself:
Overview of the EUR/USD pair. December 31. Traders started preparing for the New Year back in November.
Overview of the GBP/USD pair. December 31. The pound is waiting for another fun year.
Forecast and trading signals for EUR/USD for December 31. Detailed analysis of the movement of the pair and trade deals.
GBP/USD 1H
On the hourly timeframe, the pound/dollar pair completed the upward trend, as the price settled below the uptrend line. Also, the bears managed to push the pair to the support level of 1.3437, from which the price bounced as a result. However, this rebound no longer plays any role, as the pair went below the trend line. Therefore, in the coming days, I expect a new fall in the pair and, accordingly, the growth of the US currency. In the last weeks of the year, the pound has grown quite well in value, but now it is necessary to correct at least a bit. We distinguish the following important levels on January 4: 1.3362, 1.3548, 1.3601-1.3607. Senkou Span B (1.3316) and Kijun-sen (1.3478) lines can also be signal sources. Signals can be "rebounds" and "breakthroughs" of these levels and lines. It is recommended to set the Stop Loss level at breakeven when the price passes 20 points in the right direction. The Ichimoku indicator lines can move during the day, which should be taken into account when determining trading signals. There will be virtually no major publications or events in the UK and the United States on Tuesday. In Britain, the index of business activity in the manufacturing sector will be released, in America - a similar index from ISM. They may have a minimal impact on the movement of the pound/dollar pair, but it is unlikely to be strong.
Explanations for the chart:
Support and Resistance Levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.
Kijun-sen and Senkou Span B lines are lines of the Ichimoku indicator transferred to the hourly timeframe from the 4-hour one.
Support and resistance areas are areas from which the price has repeatedly rebounded off.
Yellow lines are trend lines, trend channels and any other technical patterns.
Indicator 1 on the COT charts is the size of the net position of each category of traders.
Indicator 2 on the COT charts is the size of the net position for the non-commercial group.
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