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20.04.202608:48 Forex Analysis & Reviews: GBP/USD: Simple Trading Tips for Beginner Traders on April 20. Analysis of Yesterday's Forex Trades

Analysis of Trades and Trading Tips for the British Pound:

The test of the price at 1.3539 coincided with the MACD indicator just beginning to move upward from the zero mark, confirming the correct entry point for buying pounds. As a result, the pair rose by more than 40 pips.

Today, the dollar has surged sharply after American forces attacked an Iranian trading vessel in the Persian Gulf. It appears that the anticipated peace negotiations between these countries, scheduled for last weekend, also did not take place. The escalation of geopolitical tensions traditionally supports the strengthening of the US dollar, which is seen by investors as a safe haven in times of uncertainty. Missed diplomatic opportunities deprive the peace process of an important tool for de-escalation. The postponed negotiations mean that tensions in relations between Washington and Tehran are likely to persist and may even intensify. This creates a favorable ground for further dollar growth, as neither party shows a willingness to compromise. Given that there is no fundamental data from the UK today, there is a risk of further declines in the GBP/USD pair. Traders are likely to adopt a cautious stance, watching developments closely, especially amid the recent geopolitical tensions that have already contributed to the dollar's rise.

Regarding the intraday strategy, I will focus more on implementing Scenario No. 1 and Scenario No. 2.

Buy Scenarios

• Scenario No. 1: I plan to buy pounds today when the price reaches the entry point around 1.3502 (green line on the chart), targeting a move to 1.3535 (thicker green line on the chart). Around 1.3535, I will exit the long positions and open short positions in the opposite direction (aiming for a movement of 30-35 pips back from the level). It is unlikely to see strong pound growth today. Important! Before buying, ensure that the MACD indicator is above the zero mark and is just beginning to rise from there.
• Scenario No. 2: I also plan to buy pounds today in the event of two consecutive tests of the price 1.3480 when the MACD indicator is in the oversold area. This will limit the pair's downside potential and lead to an upward market reversal. A rise to the opposite levels of 1.3502 and 1.3535 can be expected.

Sell Scenarios

• Scenario No. 1: I plan to sell pounds today after breaking the 1.3480 level (red line on the chart), which will trigger a swift decline in the pair. The key target for sellers will be the 1.3453 level, where I plan to exit the shorts and open immediate longs in the opposite direction (aiming for a move of 20-25 pips back from the level). Pressure on the pound may persist if US-Iran relations worsen. Important! Before selling, ensure that the MACD indicator is below the zero mark and is just beginning its decline from there.
• Scenario No. 2: I also plan to sell pounds today if the price tests 1.3502 twice in a row, when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downward. A decrease to the opposite levels of 1.3480 and 1.3453 can be expected.

What Is On The Chart:

• Thin green line – the entry price at which the trading instrument can be bought;
• Thick green line – the expected price where Take Profit can be set, or profits can be secured, as further growth above this level is unlikely;
• Thin red line – the entry price at which the trading instrument can be sold;
• Thick red line – the expected price where Take Profit can be set, or profits can be secured, as further decline below this level is unlikely;
• MACD Indicator. It is important to be guided by overbought and oversold zones upon entering the market.

Important: Beginner traders in the Forex market need to be very cautious when making entry decisions. It is best to be out of the market before important fundamental reports are released to avoid being caught in sharp price fluctuations. If you choose to trade during news releases, always set stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.

And remember, for successful trading, it is essential to have a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are inherently a losing strategy for intraday traders.

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

Jakub Novak,
Analytical expert of InstaSpot
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