How to trade GBP/USD on September 5? Simple tips for beginners.

The GBP/USD pair had the tendency to fall again and updated its 2-year lows on Friday. This time the update was small, just a couple of points. Nevertheless, the pound keeps the downward trend and is not even going to show growth yet. The price is still below the descending channel, which is not at all surprising, given the daily fall of the pair. Of course, the American reports, which we have already mentioned in the article on the euro/dollar, had a great influence on the movement on Friday. From our point of view, the unemployment rate was covered by Nonfarm, which can and should be considered positive. Consequently, the dollar rose in the second half of Friday. Another thing is that it grew all week, even on days when there were no macroeconomic statistics. That is, the pound grew under any circumstances, even with reasons, even without them. Thus, next week it has only 100 points to go down to renew its 37-year lows. Considering how briskly it has been falling lately, this task doesn't seem impossible.

The pound/dollar pair moved rather volatilely on the 5-minute timeframe, but, unfortunately, not a single trading signal was formed during the day. This happened due to the fact that at the current price values there are practically no levels at which one could trade. The 1.1498 level is Thursday's low. As you can see, by the end of Friday, the price dropped to it, but at that time it was necessary to leave the market long ago and brace for the weekend. The price did not approach other levels during the day. And the more the pound falls, the more often a similar situation will arise, because there are no lower levels either (except for 1.1411 - a low for 37 years).

The pound/dollar pair continues to follow a downward trend on the 30-minute TF. The 1.1648 level was easily overcome and now there is only one level below - 1.1411 - the low for the last 37 years. We have little doubt that the price will fall to it, and also overcome it. As you can see, the pair now practically does not react to macroeconomics. In the sense that it does not matter to the market whether there are important events now or not, it still sells the pound. On the 5-minute TF tomorrow it is recommended to trade at the levels of 1.1411, 1.1498, 1.1601, 1.1620, 1.1648. When the price passes after opening a deal in the right direction for 20 points, Stop Loss should be set to breakeven. The UK is set to publish a report on business activity in the service sector for August on Monday. However, this is the second, final value, so it is unlikely to differ from the first one and it is unlikely that the market will react to it. Not a single interesting event is planned in America for tomorrow.

1) The signal strength is calculated by the time it took to form the signal (bounce or overcome the level). The less time it took, the stronger the signal.

2) If two or more deals were opened near a certain level based on false signals (which did not trigger Take Profit or the nearest target level), then all subsequent signals from this level should be ignored.

3) In a flat, any pair can form a lot of false signals or not form them at all. But in any case, at the first signs of a flat, it is better to stop trading.

4) Trade deals are opened in the time period between the beginning of the European session and until the middle of the American one, when all deals must be closed manually.

5) On the 30-minute TF, using signals from the MACD indicator, you can trade only if there is good volatility and a trend, which is confirmed by a trend line or a trend channel.

6) If two levels are located too close to each other (from 5 to 15 points), then they should be considered as an area of support or resistance.

Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14,22,3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines).

Important speeches and reports (always contained in the news calendar) can greatly influence the movement of a currency pair. Therefore, during their exit, it is recommended to trade as carefully as possible or exit the market in order to avoid a sharp price reversal against the previous movement.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time.