The GBP/USD pair was trading in a mirror-like way in relation to yesterday on the 30-minute timeframe. If yesterday the quotes of the pair rose by 100 points, today they fell by exactly the same amount. Moreover, both yesterday and today, there were no important macroeconomic publications in the UK, as well as in the US. Thus, it is rather difficult to say what these non-weak movements were associated with. However, for the pound, 100 points a day is not much. Average volatility. Therefore, in principle, nothing extraordinary happened, and good fundamental reasons are not too necessary for movements of this scale. Now let's look at signals. The first buy signal was generated by the MACD indicator early in the morning, even before the opening of the European trading session. He is what is called "borderline". Firstly, it formally formed at night, secondly, the MACD indicator approached the zero level not very close, and thirdly, the nearest target, from which the price had already bounced off twice (1.3913), was only 13 points. In general, the signal is 50/50. In any case, the buyers did not manage to overcome the level of 1.3913 even on the third attempt, therefore, even if novice traders opened a buy deal, it should have been closed with a slight loss on the rebound from the level of 1.3913. But a rebound from the level of 1.3913 itself is also a sell signal. And, it turns out that two of them were formed during Tuesday. Moreover, one is still at night, we do not consider it, and the second - already in the morning, after the level of 1.3913 twice withstood the onslaught of buyers. In yesterday's article, we have not yet mentioned this level, since at the time of writing the last article, the peak of the day had not yet been formed. However, later it was formed and a strong sell signal was formed near it. As a result, according to this signal, traders could open short positions and Take Profit would allow them to earn at least 40 points. As a result, at the moment the level of 1.3811 has been reached which is the previous day's low.
On the 5-minute timeframe, it is clearly seen that the pair bounced for the last time from the level of 1.3913 at the very beginning of the European session, then broke through the levels of 1.3851 and 1.3845, moreover, several times, making them more irrelevant at the end of the trading session. of the day reached the level of 1.3811. There were no clear and precise signals around the levels of 1.3851 and 1.3845, but in any case, at that moment, positions were already opened on the 30-minute timeframe. In this way. Duplicating them was clearly not worth it. During the day, not a single important report was published in either the UK or the US. Therefore, nothing prevented novice traders from trading on pure technique.
How to trade on Wednesday:
On Wednesday, we recommend trading again according to the upward trend on the 30-minute timeframe. Thus, tomorrow you will need to wait for the formation of new buy signals. The MACD indicator is now very low and cannot form a clear signal. Therefore, we are considering possible price rebounds from the level of 1.3811 or an uptrend line. Several interesting events are scheduled for April 7th in Britain and the United States. For example, the publication of the Federal Reserve minutes or the index of business activity in the service sector in Britain. However, we believe that neither this nor that event will be worked out. On the 5 minute timeframe, the important levels are 1.3865, 1.3811 and 1.3750. The price can bounce off them or overcome them. As before, we set Take Profit at a distance of 40-50 points on a 30-minute timeframe, on a 5-minute timeframe, the target is the nearest level. If the nearest level is far away, then it is recommended to maintain the deal in manual mode, tracking changes in the market. When passing 20 points in the right direction, we recommend setting Stop Loss to breakeven.
