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On Wednesday, the GBP/USD pair also traded strictly sideways with minimal volatility. There were no significant events scheduled for Wednesday, but let's recall that this week already saw the NonFarm Payrolls report and the Producer Price Index. Today, the US inflation report will be released. It also became known that the US Supreme Court reinstated Lisa Cook, whom Donald Trump fired a few weeks ago. So, the battle between Trump and the Federal Reserve continues, and the American president still cannot do anything about the FOMC's unwillingness to cut rates by 2–3% at once. Thus, the US dollar already had plenty of reasons this week to keep falling. However, the market is waiting to make its move. On the hourly timeframe, an uptrend is clearly visible, although there is no actual trendline, since there aren't two distinct extremes to draw one.
On the 5-minute chart on Wednesday, price action was such that it would have been better had there been no movement at all. EUR/USD traders had better luck, as there was not a single trading signal throughout the day. With GBP/USD, traders were less fortunate. The price hovered around the 1.3529–1.3543 area all day, generating one false signal after another and simply ignoring the specified levels. Novice traders might have tried to trade on the early signals, but by the US session, it was clear that there would be no decent movements.
On the hourly timeframe, GBP/USD is showing signs of resuming an uptrend, and on higher timeframes, the upward trend persists. As we have said, there's no reason to expect a medium-term rally in the dollar, so we expect further growth in the British currency.
On Thursday, GBP/USD may resume its northward advance, as Tuesday and Wednesday were marked by illogical movement. It's probably not worth trading around the 1.3529–1.3543 area today, since yesterday produced a slew of false signals there. Today brings several important events, so sharp reversals and increased volatility are possible at any time.
On the 5-minute chart, you can now trade around the levels: 1.3102–1.3107, 1.3203–1.3211, 1.3259, 1.3329–1.3331, 1.3413–1.3421, 1.3466–1.3475, 1.3529–1.3543, 1.3574–1.3590, 1.3643–1.3652, 1.3682, 1.3763. No important UK events or reports are scheduled for Thursday, but in the US, an important inflation report will be released. Also, traders may be more active during the day thanks to the ECB meeting in the Eurozone.
Support and Resistance Levels: These are target levels for opening or closing positions and can also serve as points for placing Take Profit orders.
Red Lines: Channels or trendlines indicating the current trend and the preferred direction for trading.
MACD Indicator (14,22,3): A histogram and signal line used as a supplementary source of trading signals.
Important Events and Reports: Found in the economic calendar, these can heavily influence price movements. Exercise caution or exit the market during their release to avoid sharp reversals.
Forex trading beginners should remember that not every trade will be profitable. Developing a clear strategy and practicing proper money management are essential for long-term trading success.
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