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On Monday, the GBP/USD pair also attempted to correct but failed to even consolidate above the first resistance level on its way up—1.2613, as clearly shown in the chart above. In the second half of the day, the price gravitated toward closing the gap, as mentioned in previous articles. At the moment, the technical outlook for the pound suggests the beginning of a flat movement between the levels of 1.2502 and 1.2613. Since no significant news events are scheduled today in the UK or the US, the price may remain within this range. We still see no basis for a strong rise in the British currency. A correction is possible but requires at least some news support, which is still lacking. Therefore, we believe a new decline is still more likely than growth. On Monday, no important events or reports in the US or the UK left traders with nothing to react to.
Three excellent trading signals were formed in the 5-minute time frame on Monday, and another one occurred overnight on Tuesday. The price bounced twice from the 1.2547 level, allowing beginners to open long positions each time. It also bounced once from the 1.2613 level, offering an opportunity to open short positions. Overnight, there was a bounce from the 1.2502–1.2508 area, which was a basis for opening new long positions. However, since this last signal occurred overnight, it was likely not tradable.
The GBP/USD pair sustains a downward trend in the hourly time frame. We fully support the pound's decline in the medium term, as we believe this is the most logical outcome. The pound has not shown any willingness to correct, despite having reasons to do so last week. The decline may continue because the market currently requires no justification for selling the pair.
On Tuesday, novice traders can expect calm and steady movements between 1.2502 and 1.2613.
In the 5-minute time frame, trading can focus on the levels of 1.2387, 1.2445, 1.2502–1.2508, 1.2547, 1.2633, 1.2680–1.2685, 1.2754, 1.2791–1.2798, 1.2848–1.2860, 1.2913, 1.2980–1.2993. On Tuesday, no significant events are expected in the UK or the US, so strong movements are again unlikely. We believe the flat market trend may continue today.
Support and Resistance Levels: Target levels for opening or closing positions. Take Profit orders can also be set here.
Red Lines: Channels or trendlines that show the current trend and the preferred trading direction.
MACD Indicator (14,22,3): A histogram and signal line that serve as supplementary trading signals.
Important Events and Reports: Found in the economic calendar, these can strongly influence price movements. During their release, trade cautiously or exit the market to avoid sharp reversals against the preceding trend.
Forex beginners should remember that not every trade will be profitable. Developing a clear strategy and practicing proper money management are critical for long-term success in trading.
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