Analysis of transactions in the GBP / USD pair
After a slight pressure caused by the Federal Reserve’s tough measures, demand for pound increased, thanks to the strong recovery of the UK economy. This obviously shows that risk appetite surged, so GBP / USD is now trading higher.
Trading recommendations for July 12
Pressure may return in GBP / USD because of the lack of economic reports today. But by afternoon, demand for pound may increase, as the statements of Fed member John Williams, together with the notes of the latest Fed minutes, could put pressure on dollar.
For long positions:
Open a long position when pound reaches 1.3895 (green line on the chart), and then take profit at the level of 1.3965 (thicker green line on the chart). But before buying, make sure that the MACD line is above zero, or is starting to rise from it.
For short positions:
Open a short position when pound reaches 1.3849 (red line on the chart), and then take profit at the level of 1.3777. A decline may occur due to the lack of economic reports. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.
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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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