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Analysis of transactions in the GBP / USD pair
A signal to buy emerged after GBP/USD hit 1.3564. Coincidentally, the MACD line was above zero, so the pair increased by 50 pips. Selling at 1.361 also gave good profit as the movement from that level was more than 40 pips.
The Bank of England announced an increase in interest rates to curb inflation. The members called for a more aggressive response to rising prices, voting to raise the key interest rate by 25 basis points to 0.5%. Such a decision prompted a rise in GBP/USD, which is likely to extend today if the comments from Ben Broadbent and Huw Pill hint at a tighter monetary policy. Weak data on US employment will also lead to a further increase in the pair.
For long positions:
Buy pound when the quote reaches 1.3605 (green line on the chart) and take profit at the price of 1.3647 (thicker green line on the chart). Price will increase if the pair moves above the weekly high. But 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 1.3573, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.3605 and 1.3647.
For short positions:
Sell pound when the quote reaches 1.3573 (red line on the chart) and take profit at the price of 1.3538. A decline will occur if Bank of England members say there will be a break in rate hikes, and if the US reports strong data on the labor market. But 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 1.3605, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.3573 and 1.3538.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
