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Analysis of transactions in the GBP / USD pair
A signal to sell appeared in the market on Wednesday, but there was no downward movement because the MACD line was way below zero. The same thing happened some time in the afternoon, so there was no large movement in the pair. No other signal appeared for the rest of the day.
GBP/USD rose yesterday because consumer prices in the UK increased in November. However, the rally did not last long because demand for dollar surged amid the decisions of the Federal Reserve. Today, the pair may increase again if the upcoming data from the UK exceed expectations. Good performances in the manufacturing and services sectors will provide support to pound, as will a decrease in the number of omicron patients. Hawkish statements from the Bank of England will affect price movements as well. In the afternoon, the US will release reports on jobless claims and industrial production. A decrease in the first and an increase in the second indicator will have a positive effect on dollar, but the data are unlikely to reverse the trend that will be formed after the meeting of the Bank of England. US PMI could help dollar partially as it is already at a high level and is unlikely to exceed them.
For long positions:
Buy pound when the quote reaches 1.3262 (green line on the chart) and take profit at the price of 1.3299 (thicker green line on the chart). Growth will be observed if PMI data in the UK exceeds expectations. Hawkish statements from the Bank of England will raise demand as well.
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 1.3239, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3262 and 1.3299.
For short positions:
Sell pound when the quote reaches 1.3239 (red line on the chart) and take profit at the price of 1.3195. Weak data on the UK economy and dovish statements from the Bank of England will bring more pressure on GBP/USD.
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 1.3262, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3239 and 1.3195.
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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