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Analysis of transactions in the GBP / USD pair
A signal to sell emerged after GBP/USD hit 1.3141. However, the quote could not decrease much because the MACD line being far from zero limited the downside potential of the pair. In the afternoon, there was a signal to buy at 1.3168, but the MACD line was also away from zero, so the upside potential was limited.
UK's public sector net leverage report will be published today, but that will have no impact on the markets. Meanwhile, yesterday's statements by the Fed will support dollar, which will lead to a further decrease in GBP/USD to local lows. As such, it is best to sell in the market, especially amid escalating tensions in Ukraine.
For long positions:
Buy pound when the quote reaches 1.3141 (green line on the chart) and take profit at the price of 1.3198 (thicker green line on the chart). A rally will occur if 1.3141 is tested. 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 1.3120, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.3141 and 1.3198.
For short positions:
Sell pound when the quote reaches 1.3120 (red line on the chart) and take profit at the price of 1.3077. Pressure should continue as there are fewer and fewer reasons to buy GBP/USD. 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 1.3141, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.3120 and 1.3077.
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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