empty
24.05.2023 01:41 PM
Analysis and trading tips for GBP/USD on May 24 (US session)

The test of 1.2429 coincided with the time when the MACD line was just starting to move down from zero, which was a signal to sell. Accordingly, pound fell by about 50 pips.

This image is no longer relevant

The decline in UK inflation, which was interpreted by some traders as a signal of a more accommodative future policy by the Bank of England, together with risk aversion due to the lack of progress in US government debt negotiations, led to a fall in GBP/USD yesterday. The downward momentum will continue if US Finance Minister Janet Yellen mentions again the approaching default in the US. The speech of FOMC member Christopher Waller and the Fed's minutes have little chance of impacting the market.

For long positions:

Buy pound when the quote reaches 1.2404 (green line on the chart) and take profit at the price of 1.2458 (thicker green line on the chart). Growth is likely to occur amid positive news related to US government debt. However, before buying, make sure that the MACD line is above zero and is starting to rise from it. Pound can also be bought after the level of 1.2375 is tested twice, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2404 and 1.2458.

For short positions:

Sell pound when the quote reaches 1.2375 (red line on the chart) and take profit at the price of 1.2335. Pressure may continue without significant fundamental reasons. However, before selling, make sure that the MACD line is below zero and is starting to drop down from it. Pound can also be sold after the level of 1.2404 is tested twice, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2375 and 1.2335.

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,
انسٹافاریکس کا تجزیاتی ماہر
© 2007-2025
ٹائم فریم منتخب کریں
5
منٹ
15
منٹ
30
منٹ
1
گھنٹہ
4
گھنٹے
1
دن
1
ہفتہ
انسٹافاریکس کے ساتھ کرپٹو کرنسی کی معاملاتی تبدیلیوں سے کمائیں۔
میٹا ٹریڈر 4 ڈاؤن لوڈ کریں اور اپنی پہلی ٹریڈ کھولیں۔
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    مقابلہ میں شامل ہوں

تجویز کردہ مضامین

ابھی فوری بات نہیں کرسکتے ؟
اپنا سوال پوچھیں بذریعہ چیٹ.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.