The GBP/USD pair was trading in absolute flat on the 30-minute timeframe on Monday, which is not very similar to it. Usually, recently, the euro/dollar pair has been mainly moving in a horizontal channel, while the pound has shown a more or less trendy movement. However, today it was the other way around. The euro/dollar pair was moving in a trend, while the pound/dollar was in a flat. However, you can clearly see what we are talking about on the 30-minute timeframe. In the last five trading days, the pair has also been in a horizontal channel, about 90 points wide. However, during the day, it was in an even narrower channel, which is clearly visible on the lower TF. Thus, there is no trend at the 30-minute TF, which means that signals from the MACD indicator should still not be considered. There was no major report or other event in either the UK or the US during the first trading day of the week. Therefore, a flat, on the one hand, is justified. On the other hand, if the pair was trading flat every time the event calendar was empty, then it would be completely impossible to trade.
The technical picture looks quite eloquent on the 5-minute timeframe. Quotes have been between the levels of 1.3740 and 1.3772 for most of the day, reaching each of these lines many times. Thus, a lot of signals were generated today, and most of them were not even false, but what profit can be expected if the distance between these two levels is 32 points? Moreover, the pair crossed the 1.3772 level at the beginning of the European trading session several times, thus forming two false signals around it. The first is to sell, the second is to buy. Unfortunately, novice traders could get a loss of 25 points for these deals. Nevertheless, there were also several profitable trades that made it possible to level losses due to false trading signals. Two buy signals around the level of 1.3740 helped in this. Both times the pair bounced off this level (the first time the error was 1 point). And each time later it grew to the level of 1.3772, where it was necessary to take profit on long positions. One could earn about 30 points of profit on these two trades, thus, in total, the day was completed even with a few points of profit. All trading signals near the level of 1.3772 after the first two should not have been considered, since the first were false. In general, beginners could clearly see what trading signals and in what quantity can be generated if the market is flat.
At this time, there is no trend on the 30-minute timeframe, and volatility is low again. Since there is no trend at this time, we do not advise beginners to track signals for the MACD indicator for some time. The important levels on the 5-minute timeframe are 1.3708, 1.3740, 1.3814, 1.3830. We recommend trading on them on Tuesday. The price can bounce off them or overcome them. As before, we set Take Profit at a distance of 40-50 points. At the 5M TF, you can use all the nearest levels as targets, but then you need to take profit, taking into account the strength of the movement. When passing 20 points in the right direction, we recommend setting Stop Loss to breakeven. On October 26, the only highlight of the day will be the US consumer confidence report. However, it is unlikely to have a serious impact on the pair's movement.
