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There was a signal to buy in GBP / USD on Friday, but it had to be ignored because the MACD line was far away from zero. As such, the pair continued to trade along the trend, while short positions did not bring any profit.
Pound rose, thanks to statements from Bank of England (BoE) members Silvana Tenreyro and Catherine Mann. But the growth in US retail sales, which came out Friday afternoon, limited the upside potential of the currency.
Today BoE Deputy Governor Jon Cunliffe will deliver a speech, followed by the release of data on US industrial production and budget execution. Strong figures are likely to lead a surge in market volatility and support to dollar. Statements from FOMC members such as Randal Quarles should also follow up.
For long positions:
Open a long position when pound reaches 1.3737 (green line on the chart) and take profit at 1.3796 (thicker green line on the chart). Price will jump only if there is a successful breakout above 1.3737. But 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 1.3713, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3737 and 1.3796.
For short positions:
Open a short position when pound reaches 1.3713 (red line on the chart) and take profit at 1.3667. Pressure may remain until the release of data on the US economy. But 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 1.3737, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3713 and 1.3667.
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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