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16.01.2023 08:11 AM
Analysis and trading tips for GBP/USD on January 16

Analysis of transactions in the GBP / USD pair

Pound continues to rise as more market players believe that the latest Brexit issues are going to be resolved since EU and UK representatives are set to meet again this week to continue the dialogue. If there is good news, GBP/USD will strengthen, following the trend that was formed last week. And since there are no important statistics scheduled to be released today, buyers have all chances for growth. The speech of Bank of England Governor Andrew Bailey could either strengthen or weaken the pound, so traders should pay close attention to what he will say.

In the US, citizens are celebrating Martin Luther King Day, so trading volume will be low, which may limit the further upside potential of the pair.

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For long positions:

Buy pound when the quote reaches 1.2285 (green line on the chart) and take profit at the price of 1.2351 (thicker green line on the chart). Growth could occur as continuation of the upward trend. However, make sure that when buying, the MACD line is above zero or is starting to rise from it. Pound can also be bought at 1.2236, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2285 and 1.2351.

For short positions:

Sell pound when the quote reaches 1.2236 (red line on the chart) and take profit at the price of 1.2154. Pressure will increase if there is no support from big players at the current highs. But make sure that when selling, the MACD line is below zero or is starting to move down from it. Pound can also be sold at 1.2285, however, the MACD line should be in the overbought area as only by that will the market reverse to 1.2236 and 1.2154.

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,
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