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02.10.2023 09:05 AM
Analysis and trading tips for GBP/USD on on October 2

Analysis of transactions and tips for trading GBP/USD

The test of 1.2245, coinciding with the decline of the MACD line from zero, prompted a sell signal that led to a price decrease of over 50 pips.

Good GDP data for the UK helped pound rise on Friday morning, but issues with consumer lending in the region, as well as personal consumption expenditure data in the US, brought pressure back to the pair. Today, much will depend on the business activity index in the manufacturing sector, where poor figures will result in another decrease. The market also remains bearish, even in the face of a correction.

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For long positions:

Buy when pound hits 1.2173 (green line on the chart) and take profit at the price of 1.2274 (thicker green line on the chart). Growth may occur, but it will only be within a correction, following good statistics.

When buying, ensure that the MACD line lies above zero or just starts to rise from it. Pound can also be bought after two consecutive price tests of 1.2173, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2220 and 1.2274.

For short positions:

Sell when pound reaches 1.2173 (red line on the chart) and take profit at the price of 1.2115. Pressure may increase at any moment, especially after weak data and unsuccessful consolidation at the daily highs.

When selling, make sure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2220, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2173 and 1.2115.

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What's on the chart:

Thin green line - entry price at which you can buy GBP/USD

Thick green line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further growth above this level is unlikely.

Thin red line - entry price at which you can sell GBP/USD

Thick red line - estimated price where you can set Take-Profit (TP) or manually fix profits, as further decline below this level is unlikely.

MACD line- it is important to be guided by overbought and oversold areas when entering the market

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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