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Analysis of transactions in the GBP / USD pair
A signal to sell appeared in the market on Thursday, which provoked a decrease because the MACD line was moving below zero. Some time later, a signal to buy emerged, and this time it led to a 30-pip increase because the indicator was sliding above zero. No other signal appeared for the rest of the day.
GBP / USD fell because the speech of US Treasury Secretary Janet Yellen boosted demand for dollar. The secretary noted that she currently does not see any signs of a wage cycle that will drive up consumer prices and employment costs, but growth in the labor market is limited, especially in terms of metrics, including historically high unemployment rates.
But today the pair may rally because strong data on the UK economy and positive statements from Bank of England member Michael Saunders could return buyers in the market. The move will be limited though because the US will also release data on its labor market, which will affect the position of the Fed towards monetary policy, particularly on whether they should scale back measures to prevent stronger inflationary pressures. Good PMI reports will also raise dollar demand.
For long positions:
Buy pound when the quote reaches 1.3303 (green line on the chart) and take profit at the price of 1.3344 (thicker green line on the chart). Strong UK statistics will provoke a rise in GBP / USD.
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 1.3280, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3303 and 1.3344.
For short positions:
Sell pound when the quote reaches 1.3280 (red line on the chart) and take profit at the price of 1.3244. A decline will occur if data on the UK services sector comes out weak and if the labor market report in the US turns out strong.
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 1.3303, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3280 and 1.32644.
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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