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Analysis of transactions in the GBP / USD pair
GBP / USD hit 1.3415 on Monday, however, the MACD line was far from zero so buying was very risky. Some time after, the indicator moved to the oversold area, so bears were able to take short positions, provoking a 20-pip drop in the pair. It was followed by a signal to buy, but since the MACD line was far from zero again, the upside potential was limited.
There is no UK data to be released today, but that will not prevent growth in GBP / USD. Most likely, the pair will hit record prices, so it is best to trade with the trend. In the afternoon, the US will release data on its economy, which will have a mediocre impact on the market. Dollar may rise because of the house price index, but only if pound buyers fail to bring the pair above 1.3444. The Richmond Fed manufacturing index will also contribute to dollar's growth provided that the report beats economists' forecasts.
For long positions:
Buy pound when the quote reaches 1.3444 (green line on the chart) and take profit at the price of 1.3475 (thicker green line on the chart). There is a huge chance that GBP / USD will grow today because the pair broke the December high yesterday.
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 1.3426, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3444 and 1.3475.
For short positions:
Sell pound when the quote reaches 1.3426 (red line on the chart) and take profit at the price of 1.3395. Pressure will return if the pair breaks out of 1.3426. That is where a large number of buyers are located.
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 1.3444, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3426 and 1.3395.
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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