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Analysis of transactions in the GBP / USD pair
The test of 1.1487 happened when the MACD line was far above zero, which limited the upside potential of the pair. Meanwhile, the sell-offs at 1.1553 led to a loss of profit. No other signals appeared for the rest of the day.
The lack of statistics on the UK led to the further growth of pound yesterday. Then, weak data on US home sales prompted a new sell-off of dollar, pushing GBP/USD higher.
Today, a report on UK retail sales is due, but it is unlikely to have a serious effect on the market. In the afternoon, there will be data on Q3 GDP and jobless claims in the US, where a less active growth in the former will weaken the position of dollar and increase risk appetite.
For long positions:
Buy pound when the quote reaches 1.1636 (green line on the chart) and take profit at the price of 1.1695 (thicker green line on the chart). Growth may occur in accordance with the newly formed trend. But remember that when buying, the MACD line should be above zero or is starting to rise from it.
Pound can also be bought at 1.1592, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.1636 and 1.1695.
For short positions:
Sell pound when the quote reaches 1.1592 (red line on the chart) and take profit at the price of 1.1543. Pressure will return if GDP for the US exceed expectations. But take note that when selling, the MACD line should be below zero or is starting to move down from it.
Pound can also be sold at 1.1636, however, the MACD line should be in the overbought area, as only by that will the market reverse to 1.1592 and 1.1543.
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 decision based on the current market situation is an inherently losing strategy for an intraday trader.
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