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Analysis of transactions in the GBP / USD pair
There was a signal to buy in GBP / USD in the morning, but the increase was limited because the MACD line was far from zero. The same thing happened in the afternoon even though the indicator was already above zero. It was only after a decline to 1.3474 that the pair moved up again, which coincided with the time that the MACD line was at the oversold area. The upward movement was around 30 pips.
Trading will lag in the morning as there are no UK statistics scheduled to be released. But there will be a meeting between representatives of the EU and the UK on the topic of Brexit in the afternoon, and its results will drive the direction of GBP / USD. The discussion will revolve around the ongoing issue in Northern Ireland, where, if no agreement is reached, demand for pound will drop even more.
Fed members Christopher Waller and Richard Clarida will also speak, but it is unlikely to shake the markets.
For long positions:
Buy pound when the quote reaches 1.3478 (green line on the chart) and take profit at the price of 1.3515 (thicker green line on the chart). An increase will be observed if there are good news on the Brexit negotiations.
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 1.3478, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3515 and 1.3565.
For short positions:
Sell pound when the quote reaches 1.3478 (red line on the chart) and take profit at the price of 1.3424. The decline will continue if there is no progress on the Brexit negotiations. Hawkish statements from the Fed will also bring demand back to dollar.
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 1.3502, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3474 and 1.3407.
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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