06.11.202409:40 Forex Analysis & Reviews: GBPUSD: Simple Trading Tips for Beginner Traders on November 6. Review of Yesterday's Forex Deals

Trade Analysis and Tips for Trading the British Pound

The test of the 1.2995 price level occurred when the MACD indicator had just begun to move upward from the zero mark, confirming a valid entry point for buying the pound, resulting in a rise to the target level of 1.3036. This allowed for a profit of more than 30 pips from the market. Today's news that Donald Trump is one step away from winning the presidential election has led to a drop in the pound and strengthened the U.S. dollar. This trend will likely continue throughout the day. As for economic data, only the UK Construction PMI is expected, which is unlikely to influence the current market direction, so the focus should remain on the U.S. presidential election and its outcome. I expect a further decline in GBP/USD. Regarding the intraday strategy, I will focus on implementing scenarios #1 and #2.

Buy Signal

Scenario #1: I plan to buy the pound today upon reaching the entry point around 1.2911 (green line on the chart) with a target of rising to the level of 1.2969 (thicker green line on the chart). At 1.2969, I plan to exit the buy position and open a sell position in the opposite direction (aiming for a 30-35-pip movement in the opposite direction from this level). It's unlikely that the pound will gain much today. Important! Before buying, ensure that the MACD indicator is above zero and only beginning to rise.

Scenario #2: I also plan to buy the pound today if there are two consecutive tests of the 1.2848 price level 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 1.2911 and 1.2969 can be expected.

Sell Signal

Scenario #1: I plan to sell the pound after breaking below the 1.2848 level (red line on the chart), which will lead to a quick drop in the pair. The main target for sellers will be the 1.2763 level, where I plan to exit the sell position and immediately buy in the opposite direction (aiming for a 20-25 pip movement in the opposite direction from this level). Further pound sales are possible to develop the new trend. Important! Before selling, ensure that the MACD indicator is below the zero mark and is only beginning to decline.

Scenario #2: I also plan to sell the pound today if there are two consecutive tests of the 1.2911 price level 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 1.2848 and 1.2763 can be expected.

Chart Indicators:

Thin Green Line – Entry price to buy the instrument.

Thick Green Line – Suggested price level for setting Take Profit or manually taking profits, as further growth beyond this level is unlikely.

Thin Red Line – Entry price to sell the instrument.

Thick Red Line – Suggested price level for setting Take Profit or manually taking profits, as further decline beyond this level is unlikely.

MACD Indicator – When entering the market, consider overbought and oversold zones.

Important: Novice traders should exercise caution when entering the market. Before the release of significant fundamental reports, it is best to stay out of the market to avoid sudden price swings. If you choose to trade during news releases, always set stop orders to minimize losses. You may quickly lose your entire deposit without stop orders, especially if trading large volumes without proper money management.

Remember, successful trading requires a clear plan, like the above example. Spontaneous trading decisions based on current market conditions are inherently a losing strategy for an intraday trader.