empty
10.08.2023 10:47 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on August 10, 2023

Details of the economic calendar on August 9

In the first half of the trading week, there were no significant macroeconomic events, and no statistical data was published either in Europe, the United Kingdom, or the United States.

Analysis of the trading charts from August 9

The EUR/USD exchange rate slowed down the pace of formation of the corrective movement. Instead, a rather broad sideways trend is observed, which traders analyze as a phase of regrouping of trading forces.

GBP/USD, despite the ongoing correction from the peak of the medium-term trend, is currently in a stagnation phase. The support level at 1.2700 plays a crucial role in this context, forming a fluctuation range between 1.2700 and 1.2780.

This image is no longer relevant

Economic Calendar for August 10

Today, investors' primary focus is on the long-awaited U.S. inflation report.

The U.S. Consumer Price Index may provide hints regarding the direction the Federal Reserve might take in its monetary policy. This becomes especially relevant after Friday's employment report raised concerns about the potential for prolonged high rates.

EUR/USD trading plan for August 10

In the current situation, a technical signal for a prolonged correction cycle will arise when the price holds below the 1.0900 mark. In this case, a subsequent increase in short positions volume might be possible. As for the growth scenario, it will become relevant if the price remains above the 1.1050 mark. Subsequent market developments might undergo a phased process of the euro's recovery, which might ultimately lead to the end of the current corrective movement.

This image is no longer relevant

GBP/USD trading plan for August 10

For the current corrective movement of the currency pair to continue, the quote must consistently remain below the 1.2700 level. Under such a condition, further movement in the direction of the price range between 1.2550 and 1.2600 is possible. However, a clear signal for an increase in long positions on the pound sterling might arise if the price holds above the 1.2800 mark. This signal could indicate the end of the current correction cycle.

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 May 9th (Morning Trade Review)

In my morning forecast, I highlighted the 1.3283 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:05 2025-05-09 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 9th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.1257 level and planned to base entry decisions around it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 19:01 2025-05-09 UTC+2

What to Pay Attention to on May 9? A Breakdown of Fundamental Events for Beginners

There are no macroeconomic events scheduled for Friday. Fundamental developments will also be limited, but it's entirely unclear which factors influence price formation. The pound and the euro had reasons

Paolo Greco 06:19 2025-05-09 UTC+2

How to Trade the GBP/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its choppy decline within the sideways channel and failed to break out, unlike the EUR/USD pair

Paolo Greco 05:55 2025-05-09 UTC+2

How to Trade the EUR/USD Pair on May 9? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair unexpectedly exited the sideways channel where it had been trading for three weeks. This occurred during

Paolo Greco 05:55 2025-05-09 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 9: The Pound Remains Unshaken

On Thursday, the GBP/USD currency pair continued trading within the sideways channel, visible in the hourly timeframe. Two central bank meetings — each of which could be considered favorable

Paolo Greco 04:05 2025-05-09 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 9: Everything Eventually Comes to an End

The EUR/USD currency pair exhibited a particularly interesting trend on Thursday. As a reminder, the FOMC meeting results were announced Wednesday evening, and we once again considered them hawkish. It's

Paolo Greco 04:05 2025-05-09 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.3286 level and planned to base market entries from it. Let's look at the 5-minute chart and analyze what happened. A breakout

Miroslaw Bawulski 19:22 2025-05-08 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 8th (Review of Morning Trades)

In my morning forecast, I focused on the 1.1269 level and planned to make market entry decisions from it. Let's take a look at the 5-minute chart and analyze what

Miroslaw Bawulski 19:19 2025-05-08 UTC+2

How to Trade the GBP/USD Pair on May 8? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair showed no notable movements on Wednesday. After Jerome Powell stated the need for more time to assess the full

Paolo Greco 06:05 2025-05-08 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.