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29.03.2023 09:31 AM
Analysis and trading tips for GBP/USD on March 29

Analysis of transactions and tips for trading GBP/USD

The pair tested 1.2309 at a time when the MACD line was just starting to move below zero, which was a good signal to sell. It resulted in a price decrease of around 30 pips, however, pressure quickly eased around the support level at 1.2281.

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Pound rose on Tuesday as the speech of Bank of England governor Andrew Bailey indicated that the central bank intends to continue its fight against high inflation.

Today, there will be reports on the UK M4 money supply, approved mortgage applications and volume of net loans to individuals, but much more interesting are the minutes of the Bank of England's policy meeting and the speech of MPC member Catherine Mann. Traders may react by buying, which will lead to a further rise in GBP/USD. In the afternoon, there is US data on home sales and speech from FOMC member Michael Barr, who recently voiced his hawkish view on the Fed's future policy. These could prompt a rise in dollar, which will result in a fall in the pair.

For long positions:

Buy pound when the quote reaches 1.2328 (green line on the chart) and take profit at the price of 1.2358 (thicker green line on the chart). Growth is possible, but it will only be after a bullish report from the Bank of England.

When buying, make sure that the MACD line is above zero or is starting to rise from it. Pound can also be bought at 1.2304, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2328 and 1.2358.

For short positions:

Sell pound when the quote reaches 1.2304 (red line on the chart) and take profit at the price of 1.2272. Pressure may intensify at any moment.

When selling, make sure that the MACD line is below zero or is starting to move down from it. Pound can also be sold at 1.2328, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2304 and 1.2272.

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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.

Jakub Novak,
الخبير التحليلي لدى شركة إنستافوركس
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