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The price test at 1.3086 occurred when the MACD indicator started moving downward from the zero mark, confirming the correct entry point for selling the pound. On the first attempt, the pair did not move down significantly, but we saw a decline toward the target level of 1.3058 on the second attempt. Buying on the rebound at 1.3058 also allowed for a profit of around 20 pips. Good data on unemployment claims and the jobless rate helped the pound in the first half of the day, but sellers took advantage of the pair's rise, ultimately pushing it to a new weekly low. Today, we await reports on the UK GDP, industrial production, and manufacturing output. These are quite important data, so weak reports could bring renewed pressure on the pound. For the intraday strategy, I will rely more on the realization of scenarios No. 1 and 2.
Scenario No 1: I plan to buy the pound today upon reaching the entry point around 1.3116 (green line on the chart) to rise to the level of 1.3139 level (thicker green line on the chart). Around the 1.3139 area, I intend to exit long positions and open shorts on the rebound (expecting a 30-35 pip movement in the opposite direction from the level). A substantial rise in the pound can be expected following good GDP data. Important! Before buying, ensure the MACD indicator is above the zero mark and starting its upward movement.
Scenario No 2: I also plan to buy the pound today if there are two consecutive price tests at 1.3095 while the MACD indicator is in the oversold area. This will limit the pair's downside potential and lead to an upward market reversal. Growth can be expected toward the opposite levels of 1.3116 and 1.3139.
Scenario No 1: Today, I plan to sell the pound after testing the level at 1.3095 (red line on the chart), leading to a rapid decline in the pair. The key target for sellers will be the 1.3070 level, where I plan to exit short positions and immediately open longs on the rebound (expecting a 20-25 pip movement in the opposite direction from the level). The pound can be sold in continuation of the downtrend after weak data. Important! Before selling, make sure the MACD indicator is below the zero mark and just starting its downward movement.
Scenario No 2: I also plan to sell the pound today if the price at 1.3116 is tested twice consecutively while the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downward. A decline can be expected toward the opposite levels of 1.3095 and 1.3070.
Thin green line: the entry price at which you can buy the trading instrument.
Thick green line: the estimated price at which you can set Take Profit or manually close positions, 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: an estimated price at which you can place Take Profit or manually close positions, as further decline below this level is unlikely.
MACD indicator: when entering the market, it is essential to be guided by overbought and oversold zones.
Important: Novice traders in the forex market need to be very careful when making decisions about entering the market. It is best to stay out of the market before important fundamental reports are released to avoid getting caught in sharp price fluctuations. If you decide to trade during news releases, always place stop orders to minimize losses. You must set stop orders to avoid losing your entire deposit, especially if you don't use money management and trade in large volumes.
Remember, a clear trading plan, like the one I've outlined, is essential for successful trading. Making impulsive decisions based on the current market situation is a losing strategy for novice intraday traders.
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