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Analysis of transactions in the GBP / USD pair
Target levels were not reached on Tuesday because volatility was low. It was also why no entry points appeared in the market for the whole day.
Once again, there are no statistics scheduled to be released in the UK today, so the upward trend may be limited in the morning. Then, in the afternoon, there is only the US crude oil inventory and 10-year Treasury yields reports, which will have no impact on the forex market in the short term. Traders better bet on positions within the horizontal channel.
For long positions:
Buy pound when the quote reaches 1.2185 (green line on the chart) and take profit at the price of 1.2267 (thicker green line on the chart). Growth will occur unless there are no good statistics from the UK. Also, take note that when buying, the MACD line should be above zero or is starting to rise from it. Pound can also be bought at 1.2137, however, the MACD line should be in the oversold area as only by that will the market reverse to 1.2185 and 1.2267.
For short positions:
Sell pound when the quote reaches 1.2137 (red line on the chart) and take profit at the price of 1.2060. Pressure may return ahead of Thursday's US inflation data. But take note that when selling, the MACD line should be below zero or is starting to move down from it. Pound can also be sold at 1.2185, however, the MACD line should be in the overbought area as only by that will the market reverse to 1.2137 and 1.2060.
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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