empty
09.06.2023 10:33 AM
EUR/USD and GBP/USD: Trading plan for beginners on June 9, 2023

Details of the economic calendar on June 8

The final EU GDP data for the first quarter was released Thursday, confirming that economic growth slowed from 1.8% to 1.0% year-on-year and declined 0.1% for the second straight quarter, signaling the entry into recession, according to Eurostat data.

Analysis of trading charts from June 8

EUR/USD is ending the trading week with a rapid rise, reaching a new local high for June. The exchange rate approached the 1.0800 resistance level, which posed a barrier for buyers.

GBP/USD also demonstrated an intense upward cycle, and reached the 1.2550 resistance level. In this zone, there was a reduction in long positions, resulting in a slowdown in price movement.

This image is no longer relevant

Economic calendar for June 9

Today, the economic calendar is empty, and there are no significant statistical data expected for the EU, UK, and U.S. However, during the upcoming workweek, we have two central bank meetings scheduled for the Federal Reserve and the European Central Bank, which will undoubtedly serve as a catalyst for speculative activity in financial markets.

EUR/USD trading plan for June 9

The reduction in long positions on the euro has led to a slowdown in the upward cycle, and the level of 1.0800 has become key in determining trading forces. For the continuation of the upward trend, the exchange rate needs to stay above this level, at least in the four-hour period. Otherwise, there may be a significant deviation in price in the opposite direction.

This image is no longer relevant

GBP/USD trading plan for June 9

The fact that the price is approaching the level of 1.2550 indicates a recovery in the value of the British pound after a recent corrective movement. If the price can sustainably stay above this level, there is a possibility of further continuation of the upward trend, potentially leading to a new local high in the medium-term trend. However, if the price fails to hold above the control level, there may be a rebound with subsequent increase in short positions, indicating a downward scenario.

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

Trading Recommendations and Analysis for GBP/USD on July 4: The Dollar Rose — and Then Fell Again

The GBP/USD currency pair on Thursday showed nearly identical movements to the EUR/USD pair. This is not surprising, as over the last five months it's not the euro

Paolo Greco 03:56 2025-07-04 UTC+2

Trading Recommendations and Analysis for EUR/USD on July 4: U.S. Independence Day

The EUR/USD currency pair traded quite expressively on Thursday. For most of the day, we observed a low-volatility sideways movement, and as soon as U.S. labor market and unemployment data

Paolo Greco 03:56 2025-07-04 UTC+2

GBP/USD: Trading Plan for the U.S. Session on July 3rd (Review of Morning Trades)

In my morning forecast, I focused on the 1.3659 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and review what happened

Miroslaw Bawulski 15:34 2025-07-03 UTC+2

EUR/USD: Trading Plan for the U.S. Session on July 3rd (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1784 level as the key reference point for market entry. Let's take a look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 15:29 2025-07-03 UTC+2

How to Trade the GBP/USD Pair on July 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair plunged like a stone dropped from a skyscraper, prompting currency analysts to immediately search for the reasons

Paolo Greco 06:53 2025-07-03 UTC+2

How to Trade the EUR/USD Pair on July 3? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair attempted to begin a new round of downward correction, and the result of this attempt

Paolo Greco 06:33 2025-07-03 UTC+2

Trading Recommendations and Analysis for GBP/USD on July 3: Manipulation for the Sake of a New Rally?

On Wednesday, the GBP/USD currency pair crashed for no apparent reason. There was no major news in either the UK or the US that could have triggered a nearly 200-point

Paolo Greco 03:45 2025-07-03 UTC+2

Trading Recommendations and Analysis for EUR/USD on July 3: The Euro Holds Up, the Pound Plunges

On Wednesday, the EUR/USD currency pair declined slightly but generally showed no inclination to follow the British pound, which had crashed by nearly 200 points. The euro remained above

Paolo Greco 03:45 2025-07-03 UTC+2

GBP/USD: Strategy for the U.S. Session on July 2nd (Analysis of Morning Trades)

In my morning forecast, I focused on the 1.3713 level and planned to make trading decisions from there. Let's look at the 5-minute chart and examine what happened. Although

Miroslaw Bawulski 18:28 2025-07-02 UTC+2

EUR/USD: Strategy for the U.S. Session on July 2nd (Analysis of Morning Trades)

In my morning forecast, I highlighted the 1.1763 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and see what happened. The pair

Miroslaw Bawulski 18:25 2025-07-02 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.