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Forex Analysis & Reviews: Analysis and trading tips for GBP/USD on August 10
time 10.08.2022 09:05 AM
time Relevance up to, 11.08.2022 08:50 AM

Analysis of transactions in the GBP / USD pair

When GBP/USD tested 1.2068, the MACD was far from zero, so the downside potential was limited. Sometime later, the pair tested 1.2092, during which the MACD line had just started to move above zero. This was a good signal to buy, and prompted a price increase of more than 35 pips. No other signals appeared for the rest of the day.

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Today promises to be another calm day as there are no statistics scheduled to be released in the UK, and it is unlikely that investors will act aggressively before the release of the July inflation report in the US. Most probably, GBP/USD will trade horizontally.

With regards to the speech of MPC member Huw Pill, it will not have any impact on the market because everyone will focus more on the upcoming US inflation report. If the figure rises more than expected, demand for dollar will leap, while pound will fall once again. But if there are signs of a decline, risk appetite will boost, which could lead to an increase in the pair. Data on the volume of stocks in US wholesale warehouses will be of little interest to the market.

For long positions:

Buy pound when the quote reaches 1.2085 (green line on the chart) and take profit at the price of 1.2125 (thicker green line on the chart). There is a chance for a rally today, but only if US inflation is reported to have decreased.

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 1.2061, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2085 and 1.2125.

For short positions:

Sell pound when the quote reaches 1.2061 (red line on the chart) and take profit at the price of 1.2031. Pressure will increase if the US reports that the July inflation data rose.

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 1.2085, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.2061 and 1.2031.

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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,
Analytical expert of InstaForex
© 2007-2022
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