empty
31.05.2023 10:50 AM
EUR/USD and GBP/USD: Trading plan for beginners on May 31, 2023

Details of the economic calendar on May 30

The housing price index in the United States was published, which declined from 4.2% to 3.6% year-on-year. Despite this, the indicators remain at a sufficiently high level. It is worth noting that the previous data was revised upwards, with growth from 4.0% to 4.2%, and the current figures exceeded the forecasts, reaching 2.4%.

Analysis of trading charts from May 30

The EUR/USD exchange rate completed a slight retreat, continuing its downward impulse. As a result, the price once again fell below the 1.0700 mark.

The GBP/USD currency pair ended its consolidation along the 1.2350 level and began an upward movement. This is the first technical signal of a possible completion of a two-week corrective cycle that started from the medium-term trend's peak.

This image is no longer relevant

Economic calendar for May 31

Data on job openings in the United States will be published today, and forecasts indicate a possible decrease in their number from 9.6 million to 9.2 million. Ahead of the Department of Labor report, such a decline is not a good signal. Any signs of a deteriorating labor market situation are always interpreted as weakening the national currency.

EUR/USD trading plan for May 31

The market participants' bearish sentiment persists, and with a sustained price below the 1.0700 level, the current correction may continue to new price levels. It should be noted that the euro exchange rate is oversold, confirmed by various technical indicators. However, speculators are ignoring these signals, indicating an inertial movement. Such movements can ultimately lead to a sharp reduction in short positions and a change in the direction of the quotes.

This image is no longer relevant

GBP/USD trading plan for May 31

For the volume of long positions on the British pound to increase further, the quote needs to stay above the 1.2450 level. In this case, a subsequent recovery move may occur after the recent corrective cycle. However, the possibility of a continued corrective cycle should be taken into account. For this to happen, the price must stay below the value of 1.2300, at least in the four-hour timeframe.

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 30th (Morning Review)

In my morning forecast, I focused on the 1.3456 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:30 2025-05-30 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 30th (Morning Review)

In my morning forecast, I focused on the 1.1336 level and planned to make market entry decisions from there. Let's look at the 5-minute chart and see what happened

Miroslaw Bawulski 13:27 2025-05-30 UTC+2

How to Trade the GBP/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed movements similar to the EUR/USD pair but with lower volatility. The ascending trendline was breached

Paolo Greco 06:37 2025-05-30 UTC+2

How to Trade the EUR/USD Pair on May 30? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair started Thursday with a sharp collapse but spent the rest of the day trading with strong growth. Explaining

Paolo Greco 06:37 2025-05-30 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 30: The British Pound is as Calm as an Elephant

The GBP/USD currency pair showed lower volatility on Thursday than the EUR/USD pair, which is quite surprising. At the same time, the British pound recovered without much difficulty

Paolo Greco 03:51 2025-05-30 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 30: The Market Fooled Everyone

The EUR/USD currency pair plunged sharply overnight on Thursday but posted a threefold stronger rally throughout the day. The overnight movement was triggered by a single event: the U.S. Court

Paolo Greco 03:51 2025-05-30 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 29th (Morning Trade Review)

In my morning forecast, I focused on the 1.3429 level and planned to base market entry decisions on it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 19:55 2025-05-29 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.