empty
23.06.2023 10:15 AM
EUR/USD and GBP/USD: Trading plan for beginners on June 23, 2023

Details of the economic calendar on June 22

All market participants' attention was on the Bank of England meeting outcome. The regulator decided to raise the key rate by 50 basis points to 5%, which exceeded the expectations of analytical agencies that had predicted a 25 basis point increase. This rate level is the highest in the last 15 years. Seven out of nine members of the Monetary Policy Committee voted for the rate hike, while two advocated keeping it at the same level, as indicated in the meeting's statement.

Analysis of trading charts from June 22

The EUR/USD currency pair rebounded with surgical precision from the psychological level of 1.1000, which led to a pullback and an increase in short positions.

Despite speculative activity, GBP/USD is still in a pullback phase, as confirmed by the price's return to the area around the 1.2700 mark.

This image is no longer relevant

Economic calendar for June 23

With the opening of the European session, data on retail sales in the UK was released, showing a growth of 0.3% in May. The data comparison with the previous year shows that the pace of decline has slowed from -3.0% to -1.7%. This is positive statistics that is causing the British pound to rise.

The publication of business activity indices, which can have an impact on the market, is also expected. However, it should be noted that these data are preliminary and subject to change.

Time targeting:

EU business activity index – 08:00 UTC

UK business activity index – 08:30 UTC

US business activity index – 13:45 UTC

EUR/USD trading plan for June 23

Despite a sufficiently intense downward trend in the market, the upward trend is still intact. A possible return of the price to the area around the level of 1.1000 may lead to its breakout and subsequent growth. Within the downward pullback scenario, the level of 1.0900 is currently considered as the low point.

This image is no longer relevant

GBP/USD trading plan for June 23

In this situation, prolonged holding of the price below the level of 1.2700 may lead to further depreciation of the British pound. As long as the price is held at this level, a scenario of slowdown or even a price rebound is possible. The level of 1.2700 serves as an important support, which traders consider in the context of further developments in the market.

This image is no longer relevant

What's on the charts

The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low.

Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.

Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.

The up/down arrows are landmarks of the possible price direction in the future.

Gven Podolsky,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on March 28th (Review of Morning Trades)

In my morning forecast, I focused on the level of 1.2964 and planned to make market entry decisions based on it. Let's look at the 5-minute chart and break down

Miroslaw Bawulski 18:54 2025-03-28 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 28th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.0801 and planned to base my market entries on it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:52 2025-03-28 UTC+2

How to Trade the GBP/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair also traded higher—and quite strongly. Despite the release of a reasonably solid Q4 GDP report

Paolo Greco 06:05 2025-03-28 UTC+2

How to Trade the EUR/USD Pair on March 28? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair rose to the 1.0804 level on Thursday. Naturally, such an unexpected and relatively strong rise in the euro

Paolo Greco 06:05 2025-03-28 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 28: The Pound Keeps Swinging

The GBP/USD currency pair showed a powerful upward movement on Thursday. Naturally, the catalyst was once again Donald Trump, who imposed new 25% tariffs on all automobile imports

Paolo Greco 02:47 2025-03-28 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 28: Trump's Tariffs and GDP

On Thursday, the EUR/USD currency pair surged sharply without breaking the prevailing downtrend of recent days. Valid reasons contributed to the dollar's decline after Donald Trump announced new tariffs

Paolo Greco 02:47 2025-03-28 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 27th (Review of Morning Trades)

In my morning forecast, I focused on the 1.2916 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 17:56 2025-03-27 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 27th (Review of Morning Trades)

In my morning forecast, I focused on the 1.0769 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and see what

Miroslaw Bawulski 17:53 2025-03-27 UTC+2

How to Trade the GBP/USD Pair on March 27? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair showed a downward movement that finally aligned with the macroeconomic backdrop. During the day, traders were interested

Paolo Greco 05:42 2025-03-27 UTC+2

How to Trade the EUR/USD Pair on March 27? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair continued its sluggish decline. The euro's depreciation is quite logical, although traders continue to ignore

Paolo Greco 05:42 2025-03-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.