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02.04.2024 09:29 AM
Analysis and trading tips for GBP/USD on April 2
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Analysis of transactions and tips for trading GBP/USD

The test of 1.2605 took place at a time when the MACD line moved downward from zero. This provoked a sell signal, which led to a price decrease of over 30 pips. Meanwhile, purchases on the rebound from 1.2575 led to losses, as pound continued to fall.

Strong data from the US led to a massive sell-off of pound, especially after the Bank of England's new policy left no hope for the growth of risk assets in the medium term. Today, PMI data for the UK's manufacturing sector will come out, and if the data disappoint, pound will likely continue its decline. The reports on the M4 money supply aggregate and approved mortgage applications in the region will also play a role in determining the direction of the pair.

This image is no longer relevant

For long positions:

Buy when pound hits 1.2575 (green line on the chart) and take profit at the price of 1.2620 (thicker green line on the chart). Growth could occur, but only after strong data on manufacturing activity.

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 1.2538, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2575 and 1.2620.

For short positions:

Sell when pound reaches 1.2538 (red line on the chart) and take profit at the price of 1.2493. Pressure will return in the case of a breakthrough of the daily low.

When selling, ensure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2575, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2538 and 1.2493.

This image is no longer relevant

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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