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Trade Analysis and Tips for Trading the British Pound
The test of the 1.2965 level occurred when the MACD was already well above the zero line, which limited the pair's upward potential, especially given the uncertainty surrounding the pound's direction present in the market yesterday. Therefore, I did not buy the pound. Selling on a bounce at 1.2990, as discussed in my morning forecast, led to a decline to the 1.2965 area, yielding approximately 20 points of profit. There's plenty of statistical data later in the day, which is positive. The initial jobless claims data in the U.S. is less crucial than the core Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation measure. A decrease in this index would support selling the dollar and buying the pound, as it would reduce the Fed's justification for keeping rates high. As for the intraday strategy, I'll focus on Scenarios 1 and 2.
Buy Signal
Sell Signal
On the Chart:
Important: Beginner Forex traders should make entry decisions cautiously. Before the release of important fundamental reports, it's best to stay out of the market to avoid sudden rate fluctuations. If you decide to trade during news releases, always use stop-loss orders to minimize losses. Without stop-losses, you risk losing your entire deposit quickly. This is especially true if you don't use money management and trade large volumes.
And remember, for successful trading, you need a clear trading plan, like the one outlined above. Making spontaneous trading decisions based on the current market situation is often counterproductive 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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