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Analysis of transactions in the GBP / USD pair
Just ahead are important reports that could further drive the market, such as the business activity data in the UK. A decrease in the figure will put more pressure on the pound, leading to a further fall in GBP/USD. Another important data is the Bank of England's minutes of the meeting, as well as its financial stability report.
In the afternoon, the US will publish reports on durable goods and industrial orders, which may further increase dollar demand provided that the values exceed expectations. However, pound buyers may continue to buy back yearly lows, and this will lead to a rebound.
For long positions:
Buy pound when the quote reaches 1.2132 (green line on the chart) and take profit at the price of 1.2181 (thicker green line on the chart). There is a chance for a rally today, but only if data on the UK economy exceeds expectations. This will be followed by a hawkish policy from the Bank of England even amid a rapidly weakening economy.
Remember that when buying, the MACD line should be above zero, or is starting to rise from it. It is also possible to buy at 1.2095, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.2132 and 1.2181.
For short positions:
Sell pound when the quote reaches 1.2095 (red line on the chart) and take profit at the price of 1.2042. Pressure will return if there is no bullish activity at yesterday's lows and if the UK releases weak economic statistics.
However, 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 1.2132, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.2095 and 1.2042.
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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