FX.co ★ EUR/USD and GBP/USD: Trading plan for beginner traders on August 15, 2023

Details of the economic calendar on August 14

Monday, as usual, was accompanied by an empty macroeconomic calendar. No significant statistical data were published in the European Union, United Kingdom, or United States.

Analysis of trading charts from August 14

EUR/USD temporarily dipped below the level of 1.0880 but eventually closed the day above the 1.0900 mark. This means we cannot confidently assert a prolongation of the ongoing corrective cycle in the market.

GBP/USD briefly reached a new August low but then returned to the 1.2700 level. Despite this pullback, the downward trend still prevails in the market.

Economic Calendar for August 15

With the start of European trading sessions, data on the state of the UK labor market were released, indicating an increase in the unemployment rate to 4.2%, contrary to analysts' forecasts of maintaining the current level at 4.0%. The number of employed in June decreased by 66,000 people, whereas an increase of 75,000 was expected. These labor market data were far from favorable, but the pound sterling showed no reaction to them.

During the American trading session, retail sales data in the United States are expected to be published. The growth rate of this indicator may slow down from 1.5% to 1.0%. This suggests a possible decrease in consumer activity, which is an important driver of economic development. Thus, the U.S. dollar may be under pressure from sellers.

EUR/USD trading plan for August 15

For a subsequent increase in the volume of short positions, it is necessary for the quote to continue to hold steadily below the 1.0900 level. In this case, there is a probability that the euro will weaken and move towards the 1.0850/1.0800 range. However, there is an alternative scenario that suggests a rebound in price from the 1.0900 level, similar to what happened on August 3rd.

GBP/USD trading plan for August 15

For a further increase in the volume of short positions, it is important that the price remains stable below the 1.2650 mark. In such a situation, there is a probability that the corrective movement will continue. An upward scenario will be considered if the price returns above the 1.2700 level within the daily period.

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.