04.11.202409:12 Forex Analysis & Reviews: GBPUSD: Simple Trading Tips for Beginner Traders on November 4. Review of Forex Deals

Trade Analysis and Tips for Trading the British Pound

The test of the 1.2926 level occurred when the MACD indicator was beginning to move up from the zero mark, confirming the correct entry point for buying the pound, especially following weak U.S. data. As a result, the pair rose by more than 50 pips. Today's news that Trump's lead in the U.S. presidential race is not as strong as previously thought triggered another dollar sell-off and strengthening of the pound. The pound will likely continue to grow, albeit slower, given that there is no significant data from the UK today. I will rely more on scenarios №1 and №2 for the intraday strategy.

Buy Signal

Scenario №1: Today, I plan to buy the pound upon reaching the entry point around 1.3001 (green line on the chart) to rise to the 1.3048 level (thicker green line on the chart). At the 1.3048 level, I plan to exit purchases and open sales in the opposite direction (anticipating a movement of 30-35 pips in the opposite direction from the level). Expect continued growth of the pound today as part of the upward correction. Important! Before buying, ensure that the MACD indicator is above the zero mark and starting to rise.

Scenario №2: I also plan to buy the pound today if there are two consecutive tests of the 1.2970 level when the MACD indicator is in the oversold area. This will limit the pair's downward potential and lead to an upward market reversal. Growth to the opposite levels of 1.3001 and 1.3048 can be expected.

Sell Signal

Scenario №1: I plan to sell the pound after the 1.2970 level is breached (red line on the chart), which will lead to a quick decline of the pair. The key target for sellers will be the 1.2930 level, where I plan to exit sales and immediately open purchases in the opposite direction (anticipating a movement of 20-25 pips in the opposite direction from the level). The pound can be sold only if weak buyer activity is near the daily high. Important! Before selling, ensure that the MACD indicator is below the zero mark and starting to decline.

Scenario №2: I also plan to sell the pound today in the event of two consecutive tests of the 1.3001 level when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a downward market reversal. A decline to the opposite levels of 1.2970 and 1.2930 can be expected.

Chart Indicators:

Thin Green Line – Entry price to buy the instrument.

Thick Green Line – Suggested price level for setting Take Profit or manually taking profits, as further growth beyond this level is unlikely.

Thin Red Line – Entry price to sell the instrument.

Thick Red Line – Suggested price level for setting Take Profit or manually taking profits, as further decline beyond this level is unlikely.

MACD Indicator – When entering the market, consider overbought and oversold zones.

Important: Novice traders should exercise caution when entering the market. Before the release of significant fundamental reports, it is best to stay out of the market to avoid sudden price swings. If you choose to trade during news releases, always set stop orders to minimize losses. You may quickly lose your entire deposit without stop orders, especially if trading large volumes without proper money management.

Remember, successful trading requires a clear plan, like the above example. Spontaneous trading decisions based on current market conditions are inherently a losing strategy for an intraday trader.