FX.co ★ EUR/USD and GBP/USD: Trading plan for beginners on May 23, 2023

Details of the economic calendar on May 22

Yesterday, the macroeconomic calendar did not contain significant statistical data for Europe, the United Kingdom, and the United States.

Analysis of trading charts from May 22

EUR/USD started the new trading week with stable fluctuations in the range of 1.0795/1.0830. Such price movement may indicate an accumulation of trading forces.

Meanwhile, GBP/USD failed to fully recover. A decline in the volume of long positions occurred around the 1.2480 mark, leading to a reverse movement.

Economic calendar for May 23

The publication of preliminary estimates of business activity indices in almost all countries, except the EU, are scheduled today. It is expected that this data will lead to a weakening of the dollar, as a decline in all key indicators is expected in the United States. At the same time, index growth is forecasted in Japan, Australia, and the United Kingdom.

EUR/USD trading plan for May 23

The current stagnation will eventually serve as a stimulus for speculators, leading to the emergence of an initial impulse. From a technical analysis standpoint, overcoming the range boundary will be considered an optimal strategy, indicating further price movement.

GBP/USD trading plan for May 23

The corrective movement from the medium-term trend peak remains relevant in the market, indicating the resumption of a downward cycle after a recent pullback. An increase in the volume of short positions is expected while the price remains below the 1.2390 mark. Until that point, the bearish sentiment may result in a stagnation within the scale of the recent pullback.

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.