15.10.202412:43 Forex Analysis & Reviews: GBP/USD: Simple trading tips for beginner traders on October 15th. Review of yesterday's trades on Forex

Trade analysis and tips for trading the British pound:

The test of the 1.3046 price level occurred when the MACD indicator had already moved well below the zero mark, which limited the pair's downward potential. Shortly after, there was another test of 1.3046, coinciding with the MACD being in the oversold area. This allowed Scenario No.2 for buying to be triggered. However, as you can see on the chart, the price did not start rising immediately, which led to recording losses. Today, mixed data was released, showing an increase in jobless claims and a decrease in the UK unemployment rate. However, the reduction in average earnings in the UK is particularly concerning for the pound's outlook, as it reduces the likelihood of another inflation spike, meaning the Bank of England will have fewer reasons to keep rates high. As for the intraday strategy, I will primarily focus on implementing Scenarios No.1 and No.2.

Buy signal:

Scenario No.1: Today, I plan to buy the pound at the entry point around 1.3055 (green line on the chart) with a target of rising to the 1.3092 level (thicker green line on the chart). Around 1.3092, I plan to exit purchases and open sales in the opposite direction, targeting a 30-35 point move in the opposite direction. A strong rise in the pound is unlikely today. Important! Before buying, ensure that the MACD indicator is above the zero mark and is just beginning its upward movement.

Scenario No.2: I also plan to buy the pound today if there are two consecutive tests of the 1.3037 price level, with the MACD indicator in the oversold area. This will limit the pair's downward potential and lead to an upward reversal. We can expect a rise to the opposite levels of 1.3055 and 1.3092.

Sell signal:

Scenario No.1: Today, I plan to sell the pound after the 1.3037 level is updated (red line on the chart), which will lead to a quick decline in the pair. The key target for sellers will be the 1.3005 level, where I plan to exit sales and immediately open purchases in the opposite direction, targeting a 20-25 point move in the opposite direction. Selling the pound is possible in continuation of the bearish market. Important! Before selling, ensure that the MACD indicator is below the zero mark and is just beginning its downward movement.

Scenario No.2: I also plan to sell the pound today if there are two consecutive tests of the 1.3055 price level, with the MACD indicator in the overbought area. This will limit the pair's upward potential and lead to a downward reversal. We can expect a decline to the opposite levels of 1.3037 and 1.3005.

Chart details:

• Thin green line – the price at which the trading instrument can be bought;
• Thick green line – the estimated price where Take Profit can be set or profits can be fixed manually, as further growth above this level is unlikely;
• Thin red line – the price at which the trading instrument can be sold;
• Thick red line – the estimated price where Take Profit can be set or profits can be fixed manually, as further decline below this level is unlikely;
• MACD indicator – When entering the market, it is important to consider overbought and oversold areas.

Important note: Beginner Forex traders must be very cautious when making market entry decisions. It's best to stay out of the market before important fundamental reports are released to avoid sharp price fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize losses. Without stop-loss orders, you can quickly lose your entire deposit, especially if you don't use money management and trade with large volumes.

And remember, successful trading requires having a clear trading plan, like the one presented above. Spontaneous trading decisions based on short-term market fluctuations are generally a losing strategy for intraday traders.