Forex Analysis & Reviews: 30.11.2023 - Analysis and trading tips...

30.11.2023 09:13 AM

Analysis and trading tips for GBP/USD on November 30

Analysis of transactions and tips for trading GBP/USD

Further growth became limited because the test of 1.2695 coincided with the sharp upward move of the MACD line from zero. Sometime later, another test occurred, and this led to a drop in price by around 15 pips.

Dollar demand fell after statements of Fed members pointed at the easing of inflation to 2.0%. This may mean that the central bank may no longer raise interest rates in the future.

The reports on the M4 money supply aggregate, approved mortgage loan applications, and volume of net lending to individuals in the UK did not affect the pair's direction, unlike the speech of Bank of England Governor Andrew Bailey. His statements caused a rise in pound, maintaining the chances of further growth today. However, since today only has the speech of Bank of England MPC member Megan Greene, the option of buying at monthly highs looks less convincing.

For long positions:

Buy when pound hits 1.2721 (green line on the chart) and take profit at the price of 1.2761 (thicker green line on the chart). Growth may occur, but it will not be very strong.

When buying, ensure that the MACD line lies above zero or just starts to rise from it. Pound can also be bought after two consecutive price tests of 1.2692, but the MACD line should be in the oversold area as only by that will the market reverse to 1.2721 and 1.2761.

For short positions:

Sell when pound reaches 1.2692 (red line on the chart) and take profit at the price of 1.2655. Pressure will return in the case of low activity at the monthly high.

When selling, ensure that the MACD line lies below zero or drops down from it. Pound can also be sold after two consecutive price tests of 1.2721, but the MACD line should be in the overbought area as only by that will the market reverse to 1.2692 and 1.2655.

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.

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*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

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