empty
28.08.2023 11:00 AM
EUR/USD and GBP/USD: Trading plan for beginner traders on August 28, 2023

Details of the Economic Calendar on August 25

At the annual economic symposium in Jackson Hole, Jerome Powell, the head of the Federal Reserve System, delivered a speech with anticipated rhetoric. His speech can be characterized as moderately negative, where he confirmed the Fed's intentions to continue raising the interest rate as necessary.

Key points from the Fed chairman's speech:

The regulator is ready to raise rates even more actively if it is deemed appropriate.

The Fed intends to maintain rates at a restrictive level until inflation consistently falls to 2%.

Regarding the possibility of further rate hikes, "we will proceed with caution."

The positive economic data from the past two months is just the beginning of what is required to bolster confidence in the inflation level.

The decision on a future rate hike will be data-driven.

The Fed is "closely monitoring" signs that the economy is not cooling as anticipated.

Further progress in non-housing-related service inflation is necessary.

The Fed does not plan to change its inflation target of 2%.

This image is no longer relevant

Analysis of Trading Charts from August 25

The EUR/USD rate broke through the 1.0800 support level, but failed to sustain at the new quote values. This factor led to a reduction in short positions, subsequently causing a price pullback.

The GBP/USD currency pair completed the formation of the sideways channel 1.2650/1.2800 last week, breaking its lower boundary. As a result, the quote locally dropped below the 1.2550 level, but later rebounded to the previously surpassed level.

Economic Calendar for August 28

Monday, as usual, is accompanied by an empty macroeconomic calendar. No major statistical data releases are expected in the European Union, the United Kingdom, or the United States.

Given this, investors and traders are likely to focus on the information received from the Jackson Hole symposium on Friday.

EUR/USD Trading Plan for August 28

A sustained price drop below the 1.0800 level may trigger a further increase in short positions. In such a scenario, there is a possibility of forming a continuing correction cycle directed towards the local low set in May. However, the current pullback may also represent an initial technical signal indicating the end of the correction cycle. In this context, a price rebound above the 1.0850 level may trigger a gradual increase in long positions in the euro.

This image is no longer relevant

GBP/USD Trading Plan for August 28

Despite the local increase in long positions, the market still has a bearish sentiment. For this reason, a consistent decline in price below the 1.2600 level could lead to an increase in short positions. However, if the price returns above the 1.2700 mark, the bearish cycle may be disrupted, leading to the beginning of a new phase of sideways price fluctuation.

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

How to Trade the GBP/USD Pair on March 19? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair closely mirrored the movements of the EUR/USD pair. The British pound often follows the euro

Paolo Greco 06:44 2025-03-19 UTC+2

How to Trade the EUR/USD Pair on March 19? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair showed an inclination to rise again. A closer examination of intraday movements reveals that the pair

Paolo Greco 06:44 2025-03-19 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 19: Trump Is More Important Than the Fed and BoE

The GBP/USD currency pair again showed an upward movement on Tuesday despite having no fundamental reasons. There were no significant events or reports in the UK, and in the second

Paolo Greco 02:34 2025-03-19 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 19: Slow but Steady Rise Ahead of the Fed Meeting

The EUR/USD currency pair continued to trade higher on Tuesday but remained within a limited range, which can be considered a sideways channel. There are currently two channels: sideways

Paolo Greco 02:34 2025-03-19 UTC+2

GBP/USD: Trading Plan for the U.S. Session on March 18th (Analysis of Morning Trades)

In my morning forecast, I focused on the 1.2994 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 18:30 2025-03-18 UTC+2

EUR/USD: Trading Plan for the U.S. Session on March 18th (Analysis of Morning Trades)

In my morning forecast, I focused on the 1.0904 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 18:25 2025-03-18 UTC+2

How to Trade the GBP/USD Pair on March 18? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD On Monday, the GBP/USD pair also attempted to resume its upward movement and even broke through the latest local high within

Paolo Greco 06:08 2025-03-18 UTC+2

How to Trade the EUR/USD Pair on March 18? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD On Monday, the EUR/USD currency pair resumed its upward movement but remained within a sideways channel between the levels of 1.0804

Paolo Greco 06:08 2025-03-18 UTC+2

Trading Recommendations and Analysis for GBP/USD on March 18: The British Pound is Flying North Again

On Monday, the GBP/USD currency pair again showed an upward movement despite having no reason. The market continues to buy the British pound purely out of inertia, much like Bitcoin

Paolo Greco 02:35 2025-03-18 UTC+2

Trading Recommendations and Analysis for EUR/USD on March 18: A New Increase, But Within Reasonable Limits

The EUR/USD currency pair continued to trade higher on Monday but within a confined range that can be considered a sideways channel. Traders again ignored all news supporting the U.S

Paolo Greco 02:35 2025-03-18 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.