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Analysis of transactions and trading tips on GBP/USD
The test of 1.2540 took place when the MACD line rose from zero, prompting a buy signal. However, until now, significant growth has not occurred.
Ahead lies the speeches of Bank of England representatives, followed by the release of Fed minutes, which could lead to a more active surge in volatility. If the minutes contain direct indications of another interest rate hike, pound's upward potential may come to an end. If not, GBP/USD will soar even higher.
For long positions:
Buy when pound hits 1.2540 (green line on the chart) and take profit at the price of 1.2580 (thicker green line on the chart). Growth will occur after a firm stance from Bank of England representatives.
When buying, ensure that the MACD line lies above zero or rises from it. Pound can also be bought after two consecutive price tests of 1.2519, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.2540 and 1.2580.
For short positions:
Sell when pound reaches 1.2519 (red line on the chart) and take profit at the price of 1.2486. Pressure will increase in the case of another unsuccessful consolidation above the monthly high.
When selling, make sure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2540, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2519 and 1.2486.
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.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
