empty
 
 
29.11.2022 03:22 PM
GBP/USD: simple tips for beginning traders on November 29. Analysis of yesterday's trades

Trading recommendations

The price tested 1.2093 at the moment when the MACD indicator was far from zero. This capped the pair's upward potential. That is why I was waiting for a sell opportunity. Shortly after the pair dropped below 1.2093, the price once again tested this level. It was clearly seen that the MACD indicator was returning to the overbought area. This led to a sell signal. However, traders were waiting for a decline for a long time. Those who were patient managed to earn about 40 pips.

This image is no longer relevant

Today, traders will be focused on the speech that will be provided by Andrew Bailey. He is expected to give information about future monetary policy. This may lead to higher volatility and a decline in the pound sterling against the US dollar. The US is going to disclose its consumer confidence data and house price index report. If both indicators exceed forecasts, pressure on the pound sterling will return and the pair may slump to weekly lows. In case of disappointing data, the pound sterling will have a chance to rise.

Signals to buy GBP:

Scenario 1: today, traders may buy the pound sterling if the price hits 1.2025 (a green line) with the target at 1.2098 (a thicker green line). Traders should leave the market at 1.2098 and open positions in the opposite direction, expecting a decline of 30-35 pips. The pound sterling will gain in value only amid hawkish comments from Andrew Bailey. Notably, before opening buy orders, make sure that the MACD indicator is above zero and is starting to climb from this level.

Scenario 2: traders may also go long if the price touches 1.1985. At that moment, the MACD indicator should be in the oversold area, which will limit the downward potential of the pair and cause the market reversal. The pair may rise to 1.2025 and 1.2098.

Signals to sell GBP:

Scenario 1: today, traders may sell the pound sterling after the price goes below 1.19858 (a red line). This will cause a rapid decline in the pair. The key target is located at 1.1938, where traders should close the trade and open the opposite one, expecting a rise of 20-25 pips. Pressure on the pound sterling will return in case of strong data from the US. Notably, before opening sell orders, make sure that the MACD indicator is below zero and is starting to drop from it.

Scenario 2: traders may also sell the pound sterling if the price touches 1.2025. At that moment, the MACD indicator should be in the overbought area, which will cap the upward potential of the pair and cause the price reversal. The pair may slide to 1.1985 and 1.1938.

This image is no longer relevant

What we see on the trading chart:

A thin green line is a key level at which you can place long positions on EUR/USD.

A thick green line is the target price since the quote is unlikely to move above it.

A thin red line is a level at which you can place short positions on EUR/USD.

A thick red line is the target price since the quote is unlikely to move below it.

A 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 to enter the market. Before the release of important reports, it is better to stay out of the market to avoid sharp fluctuations in the price. If you decide to trade during the news release, place stop orders to minimize losses. Without stop orders, you can lose the entire deposit, especially if you do not use money management and trade large volumes.

Notably, for successful trading, it is necessary to have a clear trading plan. Rash trading decisions based on the current market situation is an inherently losing strategy for an intraday trader.

Jakub Novak,
InstaForex के विश्लेषणात्मक विशेषज्ञ
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    कॉन्टेस्ट में हिस्सा लें
  • चैन्सी डिपॉजिट
    $ 3,000 के साथ अपना खाता जमा करें और प्राप्त करें $1000 अधिक!
    में जून हम आकर्षित करते हैं $1000 चैंसी डिपॉज़िट में
    ट्रेडिंग अकाउंट में $ 3,000 जमा करके जीतने का अवसर प्राप्त करें इस शर्त को पूरा करके आप प्रतियोगिता में भाग ले सकते हैं
    कॉन्टेस्ट में हिस्सा लें
  • ट्रेड वाइज़, विन डिवाइस
    कम से कम $500 के साथ अपने खाते में टॉप अप करें, कॉन्टेस्ट के लिए साइन अप करें और मोबाइल डिवाइस जीतने का मौका पाएं।
    कॉन्टेस्ट में हिस्सा लें
  • 100% बोनस
    अपनी जमा राशि पर 100% बोनस प्राप्त करने का आपका अनूठा अवसर
    बोनस पायें
  • 55% बोनस
    अपनी प्रत्येक डिपॉजिट पर 55% बोनस के लिए आवेदन करें
    बोनस पायें
  • 30% बोनस
    हर बार खाता टॉप अप करने पर 30% बोनस प्राप्त करें
    बोनस पायें

अनुशंसित लेख

अभी बात नहीं कर सकते?
अपना प्रश्न पूछें बातचीत.
Widget callback