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10.01.2022 10:51 AM
Analysis and trading tips for GBP/USD on January 10
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Analysis of transactions in the GBP / USD pair

GBP / USD reached 1.3535 at a time when the MACD line was far from zero, so the downside potential was limited. After some time the pair approached it again, but the indicator was already in the oversold area, so a buy signal was formed. That led to a 20-pip increase in the pair. In the afternoon, the quote hit 1.3553 at a time when the MACD line was above zero. It prompted another buy signal in the market, which resulted in a 40-pip growth in the pair.

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House prices in the UK did not affect the market, that is why trading was conducted in a horizontal channel last Friday. In the afternoon, a report was released indicating a decrease in unemployment in the United States, but the growth in the number of employees in the non-agricultural sector was much worse than economists' forecasts, so demand for dollar weakened.

There is no UK data to be released today so there is a high chance that GBP / USD will increase in price. Upcoming US reports on wholesale inventories and consumer lending will also be published, but they are unlikely to affect the market. The best option is to trade along the trend.

For long positions:

Buy pound when the quote reaches 1.3597 (green line on the chart) and take profit at the price of 1.3643 (thicker green line on the chart). Growth will occur if traders manage to push GBP / USD above the January highs.

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 1.3568, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3597 and 1.3643.

For short positions:

Sell pound when the quote reaches 1.3568 (red line on the chart) and take profit at the price of 1.3524. The breakdown of 1.3568 will bring back the pressure in the pair.

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 1.3597, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3568 and 1.3524.

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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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