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FX.co ★ GBP/USD: Simple trading tips for beginner traders on June 10th. Analysis of yesterday's forex transactions

GBP/USD: Simple trading tips for beginner traders on June 10th. Analysis of yesterday's forex transactions

Analysis of transactions and tips on trading the British pound

The price test of 1.2789 came at a time when the MACD indicator was starting to move down from zero, which was confirmation of the correct entry point for selling the pound – especially against the background of such strong American statistics. All this resulted in a drop of the pair by more than 80 points. The upward potential of the pair is quite severely disrupted, but it is too early to say that sellers have completely taken over the market. There are chances for growth, but in the absence of statistics and the expected meeting of the Federal Reserve System, they are extremely small. Most likely, sellers will take advantage of the pair's growth moments, which may be in the morning today, which I am going to use to open short positions. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and No. 2 for sale.

GBP/USD: Simple trading tips for beginner traders on June 10th. Analysis of yesterday's forex transactions

Buy signal

Scenario No. 1: I plan to buy the pound today when I reach the entry point in the area of 1.2731 (green line on the chart) in order to grow to the level of 1.2761 (thicker green line on the chart). In the area of 1.2761, I'm going to exit purchases and open sales in the opposite direction (counting on a movement of 30-35 points in the opposite direction from the level). It is unlikely to be possible to count on the growth of the pound today. Maximum, only within the framework of a small upward correction. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to grow from it.

Scenario No. 2: I also plan to buy the pound today in the case of two consecutive price tests of 1.2705 at a time when the MACD indicator will be in the oversold area. This will limit the pair's downward potential and lead to a reverse upward reversal of the market. We can expect growth to the opposite levels of 1.2731 and 1.2761.

Sell signal

Scenario No. 1: I plan to sell the pound today after updating the level of 1.2705 (the red line on the chart), which will lead to a rapid decline in the pair. The key target of sellers will be the 1.2676 level, where I'm going to exit sales, as well as immediately open purchases in the opposite direction (counting on a movement of 20-25 points in the opposite direction from the level). You can sell the pound after an unsuccessful consolidation in the area of the daily maximum. Important! Before selling, make sure that the MACD indicator is below the zero mark and is just beginning to decline.

Scenario No. 2: I also plan to sell the pound today in the case of two consecutive price tests of 1.2731 at a time when the MACD indicator will be in the overbought area. This will limit the pair's upward potential and lead to a reverse downward reversal of the market. We can expect a decline to the opposite levels of 1.2705 and 1.2676.

GBP/USD: Simple trading tips for beginner traders on June 10th. Analysis of yesterday's forex transactions

Chart Explanation:

Thin green line: Entry price at which the trading instrument can be bought.

Thick green line: The estimated price where Take Profit can be set, or profits can be manually fixed, as further growth above this level is unlikely.

Thin red line: Entry price at which the trading instrument can be sold.

Thick red line: The estimated price at which Take Profit can be set, or profits can be manually fixed, as further decline below this level is unlikely.

MACD Indicator: When entering the market, it is important to consider overbought and oversold zones.

Important: Beginner traders on the Forex market need to be very cautious when making market entry decisions. It is best to stay out of the market before significant fundamental reports are released to avoid sharp price fluctuations. If you decide to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade in large volumes.

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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