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Trade Analysis and Tips for Trading the British Pound
The test of the 1.3369 price level occurred when the MACD indicator was just starting to move down from the zero mark, confirming the correct entry point for selling the pound. As a result, the pair fell to the 1.3349 area, missing the test by just a couple of pips. In the middle of the US session, the sharp rise of the pound occurred when the price hit 1.3386. The test occurred when the MACD indicator began moving up from the zero mark, confirming the correct entry point to buy the pound. As a result, the pair rose by more than 40 pips. Today, only retail sales data from the Confederation of British Industry are expected, so the pound has every chance to continue growing. However, be highly cautious with purchases at the end of the week near the monthly high. It's better to act on pullbacks. Regarding the intraday strategy, I will mostly rely on the implementation of scenarios #1 and #2 to continue the GBP strengthening.
Buy Signal
Scenario #1: Today, I plan to buy the pound when the entry point reaches the 1.3401 area (green line on the chart) with a target of rising to the 1.3433 level (thicker green line on the chart). Around the 1.3433 level, I intend to exit the buy position and open sell positions in the opposite direction (expecting a movement of 30-35 pips in the opposite direction from the level). The pound's growth can be expected as part of the ongoing bullish market. Important! Before buying, ensure the MACD indicator is above the zero mark and is just beginning to rise.
Scenario #2: I also plan to buy the pound today in the case of two consecutive tests of the 1.3377 price when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. Growth to the opposite levels of 1.3401 and 1.3433 can be expected.
Sell Signal
Scenario #1: Today, I plan to sell the pound after the 1.3377 level is tested (red line on the chart), which will lead to a rapid decline of the pair. The key target for sellers will be the 1.3349 level, where I intend to exit the sell positions and immediately open buy positions in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). The pound can be sold after an unsuccessful attempt to break above the monthly high. Important! Before selling, ensure that the MACD indicator is below the zero mark and is just beginning to decline.
Scenario #2: I also plan to sell the pound today in the case of two consecutive tests of the 1.3401 price when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward market reversal. A decline to the opposite levels of 1.3377 and 1.3349 can be expected.
What's on the Chart:
Thin green line: The entry price at which you can buy the trading instrument.
Thick green line: The estimated price where you can set Take Profit or manually lock in profits, as further growth above this level is unlikely.
Thin red line: The entry price at which you can sell the trading instrument.
Thick red line: The estimated price at which you can set Take Profit or manually lock in profits, as further decline below this level is unlikely.
MACD indicator: When entering the market, it's important to be guided by overbought and oversold zones.
Important: Beginner forex traders must make market entry decisions cautiously. It's best to stay out of the market before the release of significant fundamental reports to avoid sharp fluctuations in exchange rates. If you choose to trade during news releases, always set stop orders to minimize losses. Without using stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.
And remember, to trade successfully, you need a clear trading plan, similar to the example I've presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for an intraday trader.
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