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Analysis of trades and advice for trading the pound sterling
We will closely watch how the pound behaves near yesterday's highs and whether those who want to buy it at these highs will do so since no statistics are anticipated for the UK again today. A failed attempt to exit above 1.2230 will put pressure back on the pair or, at the very least, limit its ability to rise by the end of the week. We can safely expect the pair to move in the opposite direction of the trend established during the European session because there is nothing else to report in the afternoon besides weekly data on the number of initial applications for unemployment benefits in the United States.
Signal to Buy
Scenario #1: You can purchase the pound right now if it reaches the entry point near 1.2207 (green line on the chart) and rises to 1.2269. (thicker green line on the chart). I advise closing buy positions and starting sell positions in the opposite direction around 1.2269. (counting on a movement of 30-35 points in the opposite direction from the level). When the general demand for risky assets returns, you can count on the pound increasing in value. Make sure the MACD indicator is above the zero line and is just starting to grow from it before you buy.
Scenario #2: It is also possible to buy the pound today if the price reaches 1.2170; however, at this time, the MACD indicator should be in the oversold region, limiting the pair's potential for further decline and causing an upward market reversal. Growth to the opposing levels of 1.2207 and 1.2269 is to be anticipated.
Signal to Sell
Scenario #1: Selling the pound today is only possible after updating the 1.2170 level (the red line on the chart), which will cause a sharp decline in the pair. The crucial level for sellers will be 1.2109. I advise ending sales and starting purchases in the opposite direction immediately (counting on a movement of 20-25 points in the opposite direction from the level). If the consolidation attempt at the daily highs fails, the pressure on the pound will resume. Make sure the MACD indicator is below zero and just starting to decline before you decide to sell.
Scenario #2: It is also possible to sell the pound today if the price reaches 1.2207; however, at this time, the MACD indicator should be in the overbought region, which will impede the pair's ability to rise and result in a downward market reversal. A decline to the opposing levels of 1.2170 and 1.2109 is to be anticipated.
Listed on the chart:
The thin green line indicates the price at which you can purchase a trading instrument.
Since further growth is unlikely above this level, the thick green line represents the estimated price at which you can place a Take Profit order or set your profit levels.
The thin red line indicates the price at which a trading instrument may be sold.
Given that further decline is unlikely below this level, the thick red line represents the estimated price at which you can place a take-profit order or fix your profits.
The MACD signal. It's important to follow overbought and oversold zones when entering the market.
Important. When deciding to enter the forex market, novice traders must be extremely cautious. To avoid being subjected to sudden fluctuations in the exchange rate, it is best to avoid the market before releasing significant fundamental reports. Always use stop orders to limit losses if you trade during the news release. With stop orders, you avoid losing your entire deposit quickly, especially if you trade frequently but do not use money management.
And remember that a clear trading plan, similar to the one I provided above, is essential for successful trading. An intraday trader's spontaneous trading decisions based on the state of the market are initially a losing strategy.
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