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Analysis of transactions and tips for trading GBP/USD
The test of 1.2625 coincided with the sharp upward move of the MACD line from zero, which occurred within the context of low trading volume, limiting the further growth of the pair.
Data on UK retail sales did not affect pound, but the interview with Bank of England Governor Andrew Bailey did, leading to another rise and update of the monthly high. However, the move did not last long and ended during the afternoon.
Apart from the statements of MPC member Jonathan Haskel, nothing else will affect the market. Therefore, pressure on pound may return, especially if Haskel does not say anything new related to interest rates. Additionally, a prolonged stay at the local high without its update usually leads to the formation of a downward correction.
For long positions:
Buy when pound hits 1.2635 (green line on the chart) and take profit at the price of 1.2685 (thicker green line on the chart). However, growth may not really occur today due to the pair's overbought condition.
When buying, ensure that the MACD line lies above zero or just starts to rise from it. Pound can also be bought after two consecutive price tests of 1.2605, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2635 and 1.2685.
For short positions:
Sell when pound reaches 1.2605 (red line on the chart) and take profit at the price of 1.2565. Pressure will return in the case of low activity at the daily high.
When selling, ensure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2635, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2605 and 1.2565.
What's on the chart:
Thin green line - entry price at which you can buy GBP/USD
Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.
Thin red line - entry price at which you can sell GBP/USD
Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.
MACD line- it is important to be guided by overbought and oversold areas when entering the market
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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