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Analysis of transactions and tips for trading GBP/USD
The test of 1.2658 occurred when the MACD line had not yet risen to a positive area, so it could not be used as a reason to buy pound. Nevertheless, the pair rose in price, thanks to the good PMI data on the UK services sector. However, trading could not be kept within the channel, so sellers managed to break through 1.2610.
The further direction of pound should be determined today after the release of the PMI report for the UK construction sector and the speech of Bank of England Governor Andrew Bailey. A hawkish stance on interest rates will help pound continue to grow.
For long positions:
Buy when pound hits 1.2613 (green line on the chart) and take profit at the price of 1.2641 (thicker green line on the chart). Growth will occur after strong PMI statistics and a firm stance from Bailey.
When buying, ensure that the MACD line lies above zero or just starts to rise from it. Pound can also be bought after two consecutive price tests of 1.2582, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2613 and 1.2641.
For short positions:
Sell when pound reaches 1.2582 (red line on the chart) and take profit at the price of 1.2550. Pressure will return in the absence of activity at the daily high and weak statistics from the UK.
When selling, ensure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2613, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2582 and 1.2550.
What's on the chart:
Thin green line - entry price at which you can buy GBP/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell GBP/USD
Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
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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