empty
23.01.2024 10:25 AM
EUR/USD and GBP/USD: trading tips for beginners on January 23

Details of economic calendar on January 22

The economic calendar commonly lacks high-impact economic data on Monday. Yesterday was no exception. The US, the UK, and the EU did not release any economic reports.

Analysis of technical charts on January 22

The EUR/USD pair has been moving around the 1.0900 level for the third day in a row with low trading activity. The level of 1.0850 serves as a variable support on the path of sellers. At this level, there was a reduction in short positions on EUR/USD.

The GBP/USD currency pair is trading within the sideways channel of 1.2600/1.2800, consistently approaching the defined borders. At the moment, we see the consolidation above the average level of 1.2700, which indicates an increase in long positions on the range-bound market.

This image is no longer relevant

Economic calendar on January 23

Today the economic calendar is equally empty as on Monday. No macroeconomic data will be released in the US, the UK, and the EU.

Trading plan for EUR/USD on January 23

Consolidation of the price above 1.0900 during the day may lead to an increase in the volume of long positions in the direction towards 1.1000. As for the bearish scenario, it will come into play if the price drops below 1.0850.

This image is no longer relevant

Trading plan for GBP/USD on January 23

In this situation, we may go ahead trading within the borders of the sideways channel. We reckon the instrument could approach the upper border at 1.2800.

However, we should not forget that the range-bound market is a temporary pattern, which leads to the accumulation of trading forces and abundant attention from speculators. As a result, the instrument will gain a certain momentum and break any of the borders. When the flat market is over, the price will indicate a further direction in the market. For this reason, you should always consider the breakout strategy.

This image is no longer relevant

What's on charts

The candlestick chart type consists of graphic rectangles in white and black with lines at the top and bottom. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, maximum and minimum price.

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

Circles and rectangles are highlighted examples where the price developed. This color highlighting indicates horizontal lines that may put pressure on the price in the future.

Up/down arrows are guidelines for 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 April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.2754 level and planned to make trading decisions from it. Let's look at the 5-minute chart and examine what happened there

Miroslaw Bawulski 19:33 2025-04-08 UTC+2

EUR/USD: Trading plan for the U.S. session on April 8th (analysis of the morning trades)

In my morning forecast, I focused on the 1.0987 level and planned to make trading decisions from it. Let's look at the 5-minute chart and see what happened there

Miroslaw Bawulski 19:29 2025-04-08 UTC+2

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

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair experienced a significant decline on Monday. It's difficult to understand why the pound, which had been steadily rising against

Paolo Greco 07:35 2025-04-08 UTC+2

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

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair continued swinging wildly back and forth. What's happening across all markets now can be described

Paolo Greco 07:35 2025-04-08 UTC+2

Trading Recommendations and Analysis for GBP/USD on April 8: The Pound Continues to Fall

The GBP/USD currency pair continued its downward movement on Monday. Explaining this is extremely difficult, even in hindsight—especially since the euro experienced growth on the same

Paolo Greco 03:47 2025-04-08 UTC+2

Trading Recommendations and Analysis for EUR/USD on April 8: The Storm Continues

The EUR/USD currency pair continued to swing wildly back and forth. Neither currency has shown clear growth, but it's important to understand that the markets are currently in chaos. Trying

Paolo Greco 03:47 2025-04-08 UTC+2

GBP/USD: Trading Plan for the U.S. Session on April 7th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.2891 and planned to base entry decisions on it. Let's look at the 5-minute chart and see what happened. A drop

Miroslaw Bawulski 19:02 2025-04-07 UTC+2

EUR/USD: Trading Plan for the U.S. Session on April 7th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.1017 and planned to base entry decisions on it. Let's look at the 5-minute chart and see what happened. A rise

Miroslaw Bawulski 18:59 2025-04-07 UTC+2

How to Trade the GBP/USD Pair on April 7? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD The GBP/USD pair showed a sharp decline on Friday, which is extremely difficult to explain—even in hindsight. Yes, the British pound

Paolo Greco 06:57 2025-04-07 UTC+2

How to Trade the EUR/USD Pair on April 7? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD The EUR/USD currency pair remained in stormy conditions on Friday. This time, a downward movement prevailed—but that didn't make things any easier

Paolo Greco 06:57 2025-04-07 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.