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Analysis of Trades and Tips for Trading the British Pound:
The test of the 1.3393 price level occurred when the MACD indicator had significantly moved below the zero mark, limiting the pair's downward potential—particularly within yesterday's bullish market for the pound. Consequently, I refrained from selling, although the downward movement continued. We fell just a few points short of the 1.3358 target, preventing us from implementing the buy scenario on the rebound. Later today, we anticipate data on August's US new home sales and a speech by Federal Reserve representative Adriana Kugler. Strong statistics and explicit statements against quickly lowering rates are likely to strengthen the U.S. dollar and weaken the British pound. Otherwise, the chances of a GBP/USD correction will increase. For my intraday strategy, I plan to follow the implementation of scenarios #1 and #2.
Buy Signal:
Sell Signal:
What's on the Chart:
Important Tips for Beginner Forex Traders: Exercise extreme caution when making market entry decisions. It is advisable to stay out of the market before the release of significant fundamental reports to avoid exposure to sudden price movements. If you decide to trade during news releases, always set stop-loss orders to minimize potential losses. Without stop-loss orders, you risk quickly depleting your entire deposit, especially if trading large volumes without employing proper money management strategies.
And remember, successful trading requires a clear and well-thought-out trading plan, like the one outlined above. Spontaneous trading decisions, based solely on current market conditions, are inherently disadvantageous for an intraday trader.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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