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21.03.2023 08:33 AM
Analysis and trading tips for GBP/USD on March 21

Analysis of transactions and tips for trading GBP/USD

The pair tested 1.2190 at a time when the MACD line was just starting to move above zero, which was a good reason to buy. However, the price did not increase much, at least until the second test in the afternoon. During that time, pound rose by over 20 pips, followed by another 40-pip movement.

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Apart from the data on net borrowing in the UK public sector, there is nothing that could limit the upside potential of the pair. And if the figure even exceeds expectations, demand for pound will certainly surge.

There is a report on the secondary housing sales in the US in the afternoon, but nothing serious is going to happen in the balance of forces. This is because all eyes are on the Fed's interest rate decision tomorrow.

For long positions:

Buy pound when the quote reaches 1.2266 (green line on the chart) and take profit at the price of 1.2306 (thicker green line on the chart). Growth is possible, and this will develop further the current bull market. However, when buying, make sure that the MACD line is above zero or is starting to rise from it. Pound can also be bought at 1.2246, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2266 and 1.2306.

For short positions:

Sell pound when the quote reaches 1.2246 (red line on the chart) and take profit at the price of 1.2212. Pressure may return in the event of an unsuccessful breakdown of the monthly highs. However, 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 1.2266, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2246 and 1.2212.

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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
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