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17.11.2021 10:49 AM
Analysis and trading tips for GBP/USD on November 17
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Analysis of transactions in the GBP / USD pair

GBP / USD rose by 40 pips on Tuesday, thanks to the buy signal that coincided with the MACD line moving above zero. The scenario allowed bullish traders to take long positions, which provoked the upward momentum in the market. No other signal appeared for the rest of the day.

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Pound rallied yesterday morning because of the strong UK employment reports. However, the increase did not last long as data on US industrial output brought demand back to dollar.

Today it is necessary to pay attention to the data on UK inflation because it will affect the policy decisions of the Bank of England. Another important event is the speeches of Fed representatives, which, if hints at an increase in interest rates, will strengthen dollar even more and lead to a further drop in GBP / USD. Strong data on the volume of issued building permits in the United States will also push USD up.

For long positions:

Open a long position when pound reaches 1.3442 (green line on the chart) and take profit at 1.3494 (thicker green line on the chart). Growth will be observed if the UK releases a strong CPI report.

Before buying, make sure that the MACD line is above zero, or is starting to rise from it. It is also possible to buy at 1.3419, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3442 and 1.3494.

For short positions:

Sell pound when the quote reaches 1.3419 (red line on the chart) and take profit at the price of 1.3353. The decline will continue if the UK reports bad data on inflation and if the Fed says hawkish statements on US monetary policy.

Before selling, make sure that the MACD line is below zero, or is starting to move down from it. Pound can also be sold at 1.3442, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3419 and 1.3353.

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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 decisions 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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