GBP/USD: Simple Trading Tips for Beginner Traders on September 15th (U.S. Session)

[Ben Graham]

Trade review and tips for trading the British pound

The price test of 1.3573 occurred when the MACD indicator was just beginning to move upward from the zero line, confirming the correct entry point for buying the pound. As a result, the pair rose toward the target level of 1.3608.

The absence of U.K. statistics had a positive effect on the pound. Without fresh data to assess the state of the British economy, investors tend to rely on existing trends and the overall perception of risk.

In the second half of the day, the Empire Manufacturing Index will be released, and only strong data could help the dollar rise against the pound. However, even with positive results, it would be premature to talk about a fundamental trend reversal. Despite domestic economic challenges, the pound continues to show resilience. Even if the Empire Manufacturing Index turns out strong, this may only provide temporary support for the dollar, unlikely to outweigh long-term negative economic factors.

As for intraday strategy, I will rely mainly on scenarios #1 and #2.

Buy signal

Scenario #1: I plan to buy the pound today if the entry point at 1.3618 (green line on the chart) is reached, with a target at 1.3662 (thicker green line on the chart). Around 1.3662, I will exit buy positions and open sells in the opposite direction, aiming for a 30–35-point move downward from the level. Strong pound growth today can be expected only after weak U.S. data.Important! Before buying, make sure the MACD indicator is above the zero line and just starting to rise from it.

Scenario #2: I also plan to buy the pound if the price tests 1.3588 twice, at the moment when the MACD is in the oversold zone. This will limit the pair's downward potential and lead to a reversal upward. Growth can then be expected toward 1.3618 and 1.3662.

Sell signal

Scenario #1: I plan to sell the pound after the price updates 1.3588 (red line on the chart), which will lead to a rapid decline in the pair. The key target for sellers will be 1.3540, where I will exit sell positions and open buys in the opposite direction, aiming for a 20–25-point move upward. The pound is unlikely to collapse, even in the case of strong U.S. data.Important! Before selling, make sure the MACD indicator is below the zero line and just beginning to decline from it.

Scenario #2: I also plan to sell the pound if the price tests 1.3618 twice, at the moment when the MACD is in the overbought zone. This will limit the pair's upward potential and lead to a reversal downward. A decline can then be expected toward 1.3588 and 1.3540.

What's on the chart:

• Thin green line – entry price for buying the instrument.
• Thick green line – projected price for setting Take Profit or manually fixing profit, as further growth above this level is unlikely.
• Thin red line – entry price for selling the instrument.
• Thick red line – projected price for setting Take Profit or manually fixing profit, 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 Forex traders must be very cautious when deciding on market entries. Before the release of major fundamental reports, it is best to stay out of the market to avoid sharp price swings. If you choose to trade during news releases, always place stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you ignore money management and trade with large volumes.

Remember: successful trading requires a clear trading plan, such as the one presented above. Spontaneous decisions based on the current market situation are initially a losing strategy for an intraday trader.

The material has been provided by InstaForex Company - www.instaforex.com