The GBP/USD pair tried to continue the upward movement on Thursday, which it started with grief after another rebound from the level of 1.2980. As a result, by the middle of the day, the pair managed to move up another 20 points, but at this point the bulls' fuse went out and the pound began to fall. In general, the movements in the last few weeks remain vague. The pair then shows hyper volatility, then trades for several days inside the horizontal channel, then shows weak movements. And all this despite the fact that the downward trend still persists, and there is still no downward trend line. In general, the technical picture on the 30-minute TF looks very strange. Traders cannot take the pair below 1.2980, but they are also unable to start a tangible growth without fundamental or geopolitical support. Andrew Bailey and Jerome Powell have delivered speeches. No important macroeconomic statistics have been published today either in America or in the UK.
The GBP/USD pair tried to continue the upward movement on Thursday, which it started with grief after another rebound from the level of 1.2980. As a result, by the middle of the day, the pair managed to move up another 20 points, but at this point the bulls' fuse went out and the pound began to fall. In general, the movements in the last few weeks remain vague. The pair then shows hyper volatility, then trades for several days inside the horizontal channel, then shows weak movements. And all this despite the fact that the downward trend still persists, and there is still no downward trend line. In general, the technical picture on the 30-minute TF looks very strange. Traders cannot take the pair below 1.2980, but they are also unable to start a tangible growth without fundamental or geopolitical support. Andrew Bailey and Jerome Powell have delivered speeches. No important macroeconomic statistics have been published today either in America or in the UK.
The pair's movement looks like a flat on the 5-minute timeframe, despite the fact that it is not on the 30-minute TF. However, as we can see, all the trading signals of the day were formed around the area of 1.3042-1.3049. And this is a sign of a flat. It should also be pointed out that the pair could not reach the target level in any of the six cases. Each signal led to a movement of several to 30 points. In general, the volatility of the day was about 70 points, which is not much. The first three trading signals were for buying. Novice traders could open two long positions on them, since the first time the pair very quickly returned to 1.3049 and formed a second buy signal. For the second time, 20 points were passed to the upside, which made it possible to set the Stop Loss to breakeven, at which the transaction closed. For the third time, the pair went up 30 points and also returned to the level of 1.3049, so in this case the deal closed at breakeven on Stop Loss. All subsequent signals should not have been worked out, since the first three turned out to be false. As a result, newcomers did not receive any profit or loss on Thursday.
How to trade on Friday:
The downward trend persists on the 30-minute TF despite the fact that in recent weeks the pair has been moving according to its own rules. Then in a flat, then on a roller coaster, then absolutely incomprehensible. However, if you move to a higher TF, then the downward trend is clearly visible. And it has not been canceled, because all this time the pound/dollar pair has not shown growth. It can't even really adjust. Therefore, we continue to expect the pound to fall. On the 5-minute TF tomorrow, it is recommended to trade by levels 1.2913, 1.2981-1.2993, 1.3043-1.3049, 1.3102, 1.3145. When the price passes after the opening of the transaction in the right direction, 20 points should be set to Stop Loss at breakeven. Bank of England Governor Andrew Bailey is scheduled to speak in the UK again tomorrow. Federal Reserve Chairman Jerome Powell will deliver a speech in America. In addition, reports on business activity and retail sales in Britain will be published. As we can see, there will be plenty of macroeconomic and fundamental events on Friday.
