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Analysis of transactions in the GBP / USD pair
Pound tested 1.1669 when the MACD line was just starting to move below from zero, which was a good signal to sell. Resultantly, the quote fell by 40 pips, updating the yearly low.
As for long positions around 1.1628, they did not bring much result because the pair traded downwards in the afternoon. Also, no other signals appeared for the rest of the day.
Pound continues to update yearly lows, so there are not many people who want to buy it. Even weak employment data in the US non-farm sector did not lead to its sharp increase yesterday afternoon.
A report on business activity in the UK manufacturing sector is coming today, but it is unlikely to trigger a sharp jerk in pound. The only thing that could stop the bear market temporarily is a strong oversold for all indicators.
In the afternoon, the focus will shift to the data on US jobless claims, ISM manufacturing index and speech by FOMC member Raphael Bostic.
For long positions:
Buy pound when the quote reaches 1.1622 (green line on the chart) and take profit at the price of 1.1683 (thicker green line on the chart). Although there is little chance for a rally today, an upward correction could still happen.
Take note that when buying, the MACD line should be above zero or is starting to rise from it. It is also possible to buy at 1.1572, but the MACD line should be in the oversold area as only by that will the market reverse to 1.1622 and 1.1683.
For short positions:
Sell pound when the quote reaches 1.1572 (red line on the chart) and take profit at the price of 1.1525. Pressure could return at any moment, especially after weak statistics in the UK.
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 1.1622, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1572 and 1.1525.
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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