02.09.202417:59 Forex Analysis & Reviews: GBP/USD: Simple Trading Tips for Beginner Traders on September 2 (U.S. Session)

Analysis of Trades and Trading Tips for the British Pound

The levels I indicated were not tested in the first half of the day, which did not provide suitable entry points into the market. Although the UK manufacturing activity statistics showed some improvement, it did not lead to significant support from major players for the pound. Most likely, volatility will decrease further in the afternoon as there is no U.S. data, which will further reduce trading volume and affect the direction of the pair. On the other hand, buyers might seize the moment, as they have not been very active recently, likely waiting for more attractive prices. Regarding the intraday strategy, I plan to act based on scenarios #1 and #2.

Buy Signal

Scenario #1: I plan to buy the pound today if the price reaches around 1.3145 (green line on the chart), aiming for a rise to 1.3182 (thicker green line on the chart). At around 1.3182, I will exit the long positions and start selling in the opposite direction (expecting a move of 30-35 points from the entry level). A strong upward movement in the pound today is unlikely. Important! Before buying, ensure that the MACD indicator is above the zero mark and just starting to rise from it.

Scenario #2: I also plan to buy the pound today if there are two consecutive tests of the price at 1.3127, while the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. We can expect a rise to the opposing levels of 1.3145 and 1.3182.

Sell Signal

Scenario #1: I plan to sell the pound today after the price reaches the level of 1.3127 (red line on the chart), which will lead to a rapid decline in the pair. The key target for sellers will be the level of 1.3093, where I will exit the short positions and immediately enter long positions (expecting a move of 20-25 points from the entry level). Sellers will become active if there is a lack of buying interest around the daily high. Important! Before selling, ensure that the MACD indicator is below the zero mark and just starting to fall from it.

Scenario #2: I also plan to sell the pound today if there are two consecutive tests of the price at 1.3145, while the MACD indicator is in the overbought area. This will limit the pair's upside potential and lead to a downward market reversal. We can expect a decline to the opposing levels of 1.3127 and 1.3093.

Chart Details:

• Thin Green Line – Entry price for buying the trading instrument;
• Thick Green Line – Estimated price for setting Take Profit or taking profit manually, as further growth above this level is unlikely;
• Thin Red Line – Entry price for selling the trading instrument;
• Thick Red Line – Estimated price for setting Take Profit or taking profit manually, as further decline below this level is unlikely;
• MACD Indicator – When entering the market, it is important to consider overbought and oversold zones.

Important: Beginner Forex traders need to be very cautious when making market entry decisions. Before major fundamental reports are released, it is best to stay out of the market to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

Remember that successful trading requires a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for intraday traders.