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Analysis of transactions in the GBP / USD pair
GBP/USD hit 1.3421 early Thursday, but there was no strong movement even though the MACD line was in the overbought area. It was only on the second test that the pair moved, however, the indicator was below zero, so traders sold in the market. Such led to a more than 40-pip decrease in the pair. No other signal appeared for the rest of the day.
GBP/USD reached a new record low because demand for dollar increased amid better-than-expected data on US GDP. But today there may be a rebound as pound bulls will most likely attempt to regain control of the market, taking advantage of the fact that there is no statistics scheduled to be released. That, however, will not last long as the US will publish data on income and spending in the afternoon, which will prompt more demand for the dollar. If that happens, the pair will dip lower. Reports on consumer sentiment and inflation expectations will also retain a bear market.
For long positions:
Buy pound when the quote reaches 1.3429 (green line on the chart) and take profit at the price of 1.3471 (thicker green line on the chart). A rally is possible, but only in the morning. And 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 1.3400, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.3429 and 1.3471.
For short positions:
Sell pound when the quote reaches 1.3400 (red line on the chart) and take profit at the price of 1.3354. The market will remain bearish if data on US GDP outperforms the previous figures. And 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 1.3429, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3400 and 1.3354.
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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