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11.01.202310:57 Forex Analysis & Reviews: Analysis and trading tips for GBP/USD on January 11

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Analysis of transactions in the GBP / USD pair

Target levels were not reached on Tuesday because volatility was low. It was also why no entry points appeared in the market for the whole day.

Once again, there are no statistics scheduled to be released in the UK today, so the upward trend may be limited in the morning. Then, in the afternoon, there is only the US crude oil inventory and 10-year Treasury yields reports, which will have no impact on the forex market in the short term. Traders better bet on positions within the horizontal channel.

Exchange Rates 11.01.2023 analysis

For long positions:

Buy pound when the quote reaches 1.2185 (green line on the chart) and take profit at the price of 1.2267 (thicker green line on the chart). Growth will occur unless there are no good statistics from the UK. Also, take note that when buying, the MACD line should be above zero or is starting to rise from it. Pound can also be bought at 1.2137, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.2185 and 1.2267.

For short positions:

Sell pound when the quote reaches 1.2137 (red line on the chart) and take profit at the price of 1.2060. Pressure may return ahead of Thursday's US inflation data. 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 1.2185, however, the MACD line should be in the overbought area as only by that will the market reverse to 1.2137 and 1.2060.

Exchange Rates 11.01.2023 analysis

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.

Jakub Novak
Analytical expert of InstaForex
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