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Analysis of transactions in the GBP / USD pair
There is no UK data to be released today that is why pound's upside potential is limited. In the afternoon, the US will release PMI reports for December, which, if turns out weaker than the forecasts, will cause a decline in dollar, especially since weak data on ADP employment is expected. The highlight will be the Fed minutes as it will indicate the plans of the central bank regarding interest rates.
For long positions:
Buy pound when the quote reaches 1.3535 (green line on the chart) and take profit at the price of 1.3565 (thicker green line on the chart). Growth will occur if buyers manage to push the pair above the December highs and if data from the US turns out weaker than anticipated.
Before buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.3426, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3440 and 1.3471.
For short positions:
Sell pound when the quote reaches 1.3517 (red line on the chart) and take profit at the price of 1.3480. Pressure will return if the pair breaks out of 1.3515. That is where a large number of buyers are located.
Before selling, make sure that the MACD line is below zero, or is starting to move down from it. Pound can also be sold at 1.3535, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3517 and 1.3480.
What's on the chart:
The thin green line is the key level at which you can place long positions in the GBP/USD pair.
The thick green line is the target price, since the quote is unlikely to move above this level.
The thin red line is the level at which you can place short positions in the GBP/USD pair.
The thick red line is the target price, since the quote is unlikely to move below this level.
MACD line - when entering the market, it is important to be guided by the overbought and oversold zones.
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 decisions based on the current market situation is an inherently losing strategy for an intraday trader.
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