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Analysis of transactions and tips for trading GBP/USD
Further growth became limited because the test of 1.2250 happened at the time when the MACD line moved sharply upward from zero. Sometime later, a second test occurred, during which the MACD line fell from the overbought area, prompting a signal to sell. This resulted in a price decrease of over 20 pips. By the end of the day, a third test took place, but this time the MACD line moved upward from zero, leading to a buy signal. As a result, the pair gained as much as 25 pips.
The statements of Bank of England Deputy Governor for Financial Stability Sarah Breeden and Bank of England Monetary Policy Committee member Catherine Mann did not exert particular pressure on the pair. However, today, much more interesting figures will come out, such as the data on the UK's unemployment rate, jobless claims and average earnings level. A reduction in income will have a positive impact on inflation and future interest rates, which could weaken pound's position.
For long positions:
Buy when pound hits 1.2283 (green line on the chart) and take profit at the price of 1.2335 (thicker green line on the chart). Growth will occur after strong labor market data from the UK.
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 1.2258, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2283 and 1.2335.
For short positions:
Sell when pound reaches 1.2258 (red line on the chart) and take profit at the price of 1.2190. Pressure will continue after the attempt to break through the daily high fails.
When selling, ensure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2283, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2258 and 1.2190.
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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