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Analysis of transactions in the GBP / USD pair
The test of 1.2248 occurred at the time when the MACD line was just starting to move up from zero, which was a good reason to buy. It resulted in a price increase of over 40 pips. As for selling from 1.2290, it led to a 30-pip correction.
An increase in US non-farm payrolls strengthened the dollar's position, allowing sellers to reverse the market. Most likely, this momentum will extend today as the UK is expected to release its data on service and composite PMI. Both readings are forecast to be quite bad, which could add pressure on the pound. In the afternoon similar reports are expected for the US, but this time their decline will lead to a fall in dollar. Changes in manufacturing orders will not affect market sentiment, so expect a rise in GBP/USD.
For long positions:
Buy pound when the quote reaches 1.2342 (green line on the chart) and take profit at the price of 1.2409 (thicker green line on the chart). Growth will resume if the labor market data in the US disappoints. 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 1.2291; however, the MACD line should be in the oversold area as only by that will the market reverse to 1.2342 and 1.2409.
For short positions:
Sell pound when the quote reaches 1.2291 (red line on the chart) and take profit at the price of 1.2216. Pressure will come back if the UK reports a very weak service sector activity. 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 1.2342; however, the MACD line should be in the overbought area as only by that will the market reverse to 1.2291 and 1.2216.
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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