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Analysis of transactions in the GBP / USD pair
GBP/USD tested 1.2186. At that time, the MACD line was already far above zero, limiting the upside potential of the pair. A little later, the pair tested the level again at the moment when the MACD was in the overbought area. That gave a signal to sell, which proved to be correct because the quote fell by 40 pips and hit 1.2145. No other signals appeared for the rest of the day.
Data on UK house prices did not affect pound in any way because markets were focusing more on the upcoming US statistics. As such, GBP/USD fell yesterday morning, but then turned around in the afternoon because US GDP fell short of forecasts.
Ahead are reports on the aggregate M4 of the money supply and volume of net loans in the UK, but they are unlikely to seriously affect the market. Risk appetite, however, is likely to fall if the attempt to break through monthly highs fail. Particular attention should be paid to US reports on personal consumption, expenditures, income and consumer sentiment, because a decrease, especially on spending, will certainly deal a negative impact on dollar, which, in turn, will push GBP/USD up.
For long positions:
Buy pound when the quote reaches 1.2225 (green line on the chart) and take profit at the price of 1.2265 (thicker green line on the chart). There is a chance for a rally today, but only if the pair stays above 1.2180.
Take note that when buying, the MACD line should be above zero or is starting to rise from it. It is also possible to buy at 1.2182, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2225 and 1.2265.
For short positions:
Sell pound when the quote reaches 1.2182 (red line on the chart) and take profit at the price of 1.2135. Pressure will return if the US releases stronger than expected economic data.
Take note that when selling, the MACD line should be below zero or is starting to move down from it. Pound can also be sold at 1.2225, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.2182 and 1.2135.
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 decision based on the current market situation is an inherently losing strategy for an intraday trader.
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