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Analysis of transactions in the GBP / USD pair
GBP/USD reaching 1.2350 led to a sell signal in the market, but having the MACD line far from zero limited the downside potential of the pair. Similarly, the upward potential was limited because the MACD line was also far from zero when the pair hit 1.2388 and prompted a buy signal. The retest of the level also failed, as did the short positions set at 1.2476.
Data on UK industrial orders did not affect the market, so pound trading remained within the sideways channel. But by afternoon, there was an increase because the report on US jobless claims put pressure on the dollar, leading to a further upward wave in GBP/USD.
The bullish move continued today because traders reacted positively to the released report on UK retail sales. However, growth should be limited in the area of yesterday's highs. There are no statistics on the US in the afternoon, so the session should pass quite calmly.
For long positions:
Buy pound when the quote reaches 1.2494 (green line on the chart) and take profit at the price of 1.2551 (thicker green line on the chart). There is a chance for a rally today as there are no important UK statistics scheduled to be released, but it will be limited. Nevertheless, note that when buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.2452, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2494 and 1.2551.
For short positions:
Sell pound when the quote reaches 1.2452 (red line on the chart) and take profit at the price of 1.2405. Pressure is likely to return if buyers are not active around weekly highs in the morning. However, note that when selling, make sure that the MACD line is below zero, or is starting to move down from it. Pound can also be sold at 1.2494, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.2452 and 1.2405.
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.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
