empty
19.02.2024 10:36 AM
EUR/USD and GBP/USD: trading tips for beginners on February 19

Details of economic calendar on February 16

Data on retail sales in the UK was published last Friday. Retail sales increased by 0.7%, whereas the consensus suggested that the decline would have only slowed down from -2.4% to -1.4%.

During the American trading session, data on factory inflation in the US was published. The producer price index climbed by 0.3% month-on-month. However, data on the US construction sector played a negative role, where a very strong drop was recorded. So, the volume of housing starts tumbled by 14.8% in January. The number of building permits issued decreased by 1.5%.

Overview of technical charts on February 16

At the beginning of last week, the EUR/USD pair reduced the volume of short positions near the support level of 1.0700. As a result, EUR/USD drifted higher, so the instrument almost reached the level of 1.0800.

Over the past week, the GBP/USD pair reduced the volume of short positions in the area of the local low of December last year, these are the levels of 1.2500/1.2530. As a result, the instrument pulled back. Therefore, the price rebounded above the level of 1.2600.

This image is no longer relevant

Economic calendar on February 19

Today is not just a blank macroeconomic calendar, but also a day off in the US to celebrate President's Day.

Trading plan for EUR/USD on February 19

For subsequent growth in the volume of long positions, EUR/USD has to settle above the level of 1.0800 during the day. Otherwise, the level may serve as resistance, strengthening short positions in the direction of 1.070.

This image is no longer relevant

Trading plan for GBP/USD on February 19

If the price settles above 1.2600, this may encourage the strengthening of the pound sterling. In this scenario, GBP/USD may recover to the area of 1.2600/1.2700/1.2800. As for the downward scenario, first, it is necessary to stabilize the price below the level of 1.2600 to increase the chances of the sellers to re-attempt a break through the support area of 1.2500/1.2530.

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 period: 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 a possible 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 June 11? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair traded with a downward bias, which was justified by a few factors. First, the pair consolidated below

Paolo Greco 06:10 2025-06-11 UTC+2

How to Trade the EUR/USD Pair on June 11? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD On Tuesday, the EUR/USD currency pair again showed no intention of actively trading. Over the past three days, a sideways channel

Paolo Greco 06:10 2025-06-11 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 11: The Pound Pauses Before a New Surge

The GBP/USD currency pair continued trading rather chaotically on Tuesday but with a bearish tone. The British pound at least slightly declined after the trend shifted downward. Recall that

Paolo Greco 03:31 2025-06-11 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 11: Flat Movement at Highs

The EUR/USD currency pair continued to move in both directions throughout Tuesday. These movements indicate a flat market. Let us recall that earlier, the pair broke through the ascending trend

Paolo Greco 03:31 2025-06-11 UTC+2

GBP/USD: Trading Plan for the U.S. Session on June 10th (Review of Morning Trades)

In my morning forecast, I drew attention to the 1.3545 level and planned to base market entry decisions on it. Let's look at the 5-minute chart to see what happened

Miroslaw Bawulski 18:26 2025-06-10 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 10th (Review of Morning Trades)

In my morning forecast, I highlighted the level of 1.1388 and planned to make market entry decisions based on it. Let's take a look at the 5-minute chart

Miroslaw Bawulski 18:22 2025-06-10 UTC+2

How to Trade the GBP/USD Pair on June 10? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of GBP/USD The GBP/USD pair also traded in both directions on Monday. On Friday, the price consolidated below the ascending trendline, formally changing

Paolo Greco 06:40 2025-06-10 UTC+2

How to Trade the EUR/USD Pair on June 10? Simple Tips and Trade Analysis for Beginners

Analysis of Monday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded with low volatility and in both directions on Monday. That day, the macroeconomic backdrop was practically absent

Paolo Greco 06:40 2025-06-10 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 10: The Pound Is in No Hurry to Fall Either

On Monday, the GBP/USD currency pair predictably failed to continue its downward movement. Recall that earlier, the price again formed a signal for a trend reversal to bearish—a consolidation below

Paolo Greco 04:11 2025-06-10 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 10: Another Day, Another Dose of Negativity

The EUR/USD currency pair traded mixed throughout Monday. Despite breaking through the trendline, the downward movement (i.e., strengthening the US dollar) never actually began. Thus, technical signals still hold little

Paolo Greco 04:11 2025-06-10 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.