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Analysis of transactions in the GBP / USD pair
A signal to sell appeared in the market on Thursday, but the decline was limited even though the MACD line was moving below zero. The same time happened at the signal that followed, this time because the indicator was at the oversold area, which limited the downside potential of the pair. The buy signal that appeared in the afternoon surprisingly failed as well, not even provoking little growth. Pound continued to fall instead.
GBP / USD has a chance to increase today because there are no scheduled statistics from the UK. And even though Bank of England member Huw Pill will speak, it is unlikely that it will affect the market. Additionally, in the afternoon, volatility and trading volume will decline, all because of the shortened trading session in the US caused by the weekend.
For long positions:
Buy pound when the quote reaches 1.3317 (green line on the chart) and take profit at the price of 1.3352 (thicker green line on the chart). An increase may be observed as there are no UK statistics scheduled to be released.
Before buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.3292, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3317 and 1.3352.
For short positions:
Sell pound when the quote reaches 1.3292 (red line on the chart) and take profit at the price of 1.3258. A decline will occur in the event of a failed attempt to rise above 1.3317.
Before selling, make sure that the MACD line is below zero, or is starting to move down from it. Pound can also be sold at 1.3317, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3292 and 1.3258.
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.
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