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Analysis of transactions and tips for trading GBP/USD
The pair tested 1.2249 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. This led to a price increase of about 40 pips. No other market signal appeared for the rest of the day.
Pound could continue to rise as the Bank of England's key interest rate decision and monetary policy summary are due today. There is a high chance that the central bank will maintain a hawkish stance as latest data indicated that UK inflation grew again.
In the afternoon, there will be reports on weekly jobless claims and volume of housing sales on the primary market. A rise in the latter could bring back demand for dollar, which will lead to a downward correction in GBP/USD.
For long positions:
Buy pound when the quote reaches 1.2335 (green line on the chart) and take profit at the price of 1.2384 (thicker green line on the chart). Growth could occur after the decision of the Bank of England. However, when buying, make sure that the MACD line is above zero or is starting to rise from it. Pound can also be bought at 1.2306, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2335 and 1.2384.
For short positions:
Sell pound when the quote reaches 1.2306 (red line on the chart) and take profit at the price of 1.2266. Pressure may return if the Bank of England takes a dovish stance on monetary policy. However, when selling, make sure that the MACD line is below zero or is starting to move down from it. Pound can also be sold at 1.2335, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2306 and 1.2266.
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 decision based on the current market situation is an inherently losing strategy for an intraday trader.
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