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Analysis of transactions and tips for trading GBP/USD
Further growth became limited because the test of 1.2380 coincided with the sharp rise of the MACD line from zero.
Today, all attention will be focused on the Bank of England's decision on interest rates. If earlier, everyone believed in another increase in rates, the forecasts have changed a bit after yesterday's inflation data. However, regardless of the central bank's decision today, especially if it chooses not to raise rates, pressure on pound will only increase, as the bank already nears the peak level of borrowing costs, which clearly does not add optimism. Traders better bet on the further sell-off of the pair.
For long positions:
Buy when pound hits 1.2328 (green line on the chart) and take profit at the price of 1.2379 (thicker green line on the chart). Growth will occur if the Bank of England takes a firm stance on inflation and future rates. However, when buying, ensure that the MACD line lies above zero or just starts to rise from it.
Pound can also be bought after two consecutive price tests of 1.2310, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2328 and 1.2379.
For short positions:
Sell when pound reaches 1.2310 (red line on the chart) and take profit at the price of 1.2259. Pressure may increase at any moment, especially after yesterday's plan of the Federal Reserve to continue a stringent policy. However, when selling, make sure that the MACD line lies below zero or drops down from it.
Pound can also be sold after two consecutive price tests of 1.2328, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2310 and 1.2259.
What's on the chart:
Thin green line - entry price at which you can buy GBP/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell GBP/USD
Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
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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