empty
InstaForex Loprais Team - Official participant of the Dakar rally
InstaForex Loprais Team - Official participant of the Dakar rally
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
22.08.2024 01:17 PM
GBP/USD. August 22. FOMC minutes confirm September rate cut
Open trading account Open demo account

On the hourly chart, the GBP/USD pair continued its upward movement on Wednesday and consolidated above the 127.2% corrective level at 1.3054. This consolidation suggests that the pair may now continue to rise toward the next Fibonacci level of 161.8%, which is at 1.3258. A close below the 1.3054 level would indicate a potential decline toward the lower boundary of the upward trend channel, which still reflects a "bullish" sentiment among traders.

This image is no longer relevant

The wave pattern presents no major concerns. The last downward wave failed to break the previous low, while the subsequent upward wave only slightly surpassed the previous peak by a few points. Thus, we are currently dealing with a "bullish" trend, but the waves are so large that identifying a trend reversal would be significantly delayed. I simply don't see any internal waves that could serve as a reference for a trend break.

Wednesday's news coverage was quite extensive, yet it once again favored the bulls. The annual Nonfarm Payrolls report predictably came in worse than expected, and the FOMC minutes from the July 30-31 meeting confirmed that many committee members are seriously considering the need to start easing monetary policy. However, the minutes did not provide precise information. For example, they did not specify that a rate cut must happen in September, nor did they clarify how many FOMC members support or oppose a rate cut—information that is crucial for understanding what to expect from the U.S. regulator at the next meeting. Nevertheless, the market received two more signals indicating that the U.S. labor market is struggling and that the Fed is ready to start easing monetary policy. This contributed to a drop in the U.S. dollar.

This image is no longer relevant

On the 4-hour chart, the pair consolidated above the 1.3044 level. The CCI indicator has been warning of a "bearish" divergence for a week now, and the RSI is in overbought territory, which is uncommon. Thus, I would say that the probability of the pair declining in the coming days is high. However, currently, the consolidation above the 1.3044 level suggests that the upward movement could continue toward the next Fibonacci level at 76.4%, which is at 1.3314.

Commitments of Traders (COT) Report:

This image is no longer relevant

The sentiment among "Non-commercial" traders became significantly less "bullish" in the last reporting week. The number of long positions held by speculators decreased by 23,477, while the number of short positions increased by 3,110. Bulls still maintain a solid lead, with a difference of nearly 50,000 positions: 102,000 long versus 55,000 short.

In my opinion, there is still potential for the pound to decline, but the COT reports currently suggest otherwise. Over the past three months, the number of long positions has increased from 51,000 to 102,000, while the number of short positions has decreased from 74,000 to 55,000. I believe that, over time, professional players will start to reduce their long positions or increase their short positions, as all possible factors for buying the British pound have already been priced in. However, it's crucial to note that this is a speculative assumption. Technical analysis suggests a likely decline in the near future, but this doesn't necessarily mean that the decline will last several months or half a year.

News Calendar for the U.S. and the UK:

  • UK – Manufacturing PMI (08:30 UTC)
  • UK – Services PMI (08:30 UTC)
  • U.S. – Initial Jobless Claims (12:30 UTC)
  • U.S. – Manufacturing PMI (13:45 UTC)
  • U.S. – Services PMI (13:45 UTC)

The economic calendar on Thursday includes five key events, two of which have already supported the bulls. The impact of these events on market sentiment is expected to be moderate.

Forecast for GBP/USD and Trading Tips:

Selling the pair is possible today if it closes below 1.3054 on the hourly chart, targeting 1.2931. New buying opportunities were available yesterday when the pair closed above 1.3044, with a target of 1.3258.

Fibonacci grids are built from 1.2892 to 1.2298 on the hourly chart and from 1.4248 to 1.0404 on the 4-hour chart.

Samir Klishi,
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
All Analytics
Technical analysis
EUR/USD. May 23rd. Smart Money System Analysis After the breakdown of the bearish structure, we witnessed a strong rally in the euro, which, as of now, cannot be considered complete. The new bullish structure remains intact
Samir Klishi
20:09 2025-05-23 +02:00
2410
Crypto-currencies
Bitcoin. May 23rd. Smart Money System Analysis Bitcoin continues to form a bullish trend structure. One could argue whether there are real reasons for a new bullish trend at the moment, but the chart suggests only that—unambiguously
Samir Klishi
20:04 2025-05-23 +02:00
2005
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. May 23rd. Smart Money System Analysis

After the breakdown of the bearish structure, we witnessed a strong rally in the euro, which, as of now, cannot be considered complete. The new bullish structure remains intact
Samir Klishi 20:09 2025-05-23 UTC+2

Trading Signals for BITCOIN for May 23-27, 2025: sell below $108,700 (200 EMA - 21 SMA)

Bitcoin is trading around 109,369, bouncing back after reaching the key level of 107,500, which represents strong support for Bitcoin. If it consolidates above 108,700 (21SMA) in the coming hours
Dimitrios Zappas 18:16 2025-05-23 UTC+2

Trading Signals for GOLD for May 23-27, 2025: sell below $3,360 (7/8 Murray - 21 SMA)

On the other hand, if gold consolidates above 3,370, the outlook could remain positive, and we could expect it to rise and reach 8/8 of the Murray level at 3,437
Dimitrios Zappas 18:14 2025-05-23 UTC+2

XAG/USD. Analysis and Forecast

Silver is regaining positive momentum, maintaining control above the key psychological level of $33.00. The emergence of buying on declines confirms that this week's breakout above the upper boundary
Irina Yanina 17:27 2025-05-23 UTC+2

Forecast for EUR/USD on May 23, 2025

On Thursday, the EUR/USD pair retraced back to the support zone of 1.1260–1.1282, reversed in favor of the euro, and resumed its upward movement toward the yet-to-be-tested resistance zone
Samir Klishi 16:39 2025-05-23 UTC+2

Forecast for GBP/USD on May 23, 2025

On the hourly chart, the GBP/USD pair traded sideways on Thursday but overall continues its upward movement. On Friday, the pair achieved a new consolidation above the minor resistance level
Samir Klishi 16:28 2025-05-23 UTC+2

Forex forecast 23/05/2025: EUR/USD, GBP/USD, SP500, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful
Sebastian Seliga 10:51 2025-05-23 UTC+2

EUR/USD Forecast for May 23, 2025

The Eurozone PMI data for May, published yesterday, was disappointing. The Manufacturing PMI dropped from 49.0 to 48.4 (vs. expectations of 49.2), and the Services PMI declined from 50.1
Laurie Bailey 05:16 2025-05-23 UTC+2

GBP/USD Forecast for May 23, 2025

Yesterday, the British pound closed at its opening level, which visually appears as a consolidation below the 1.3433 level — a level that the price is already attempting to break
Laurie Bailey 04:48 2025-05-23 UTC+2

EUR/NZD Forecast for May 23, 2025

On the daily chart, the pair's quote breaks above the MACD line after spending two weeks below it. The Marlin oscillator's entry into positive territory supports the assumption
Laurie Bailey 04:43 2025-05-23 UTC+2

Top analytics

Relevance up to 08:00 2025-05-25 UTC--4
USD declares war on EUR
14:59 2025-05-23
Fundamental analysis
Relevance up to 12:00 UTC--4
Trading Signals for GOLD for May 23-27, 2025: sell below $3,360 (7/8 Murray - 21 SMA)
18:14 2025-05-23
Technical analysis
Relevance up to 06:00 2025-05-26 UTC--4
Gold Rebounds as Fiscal Risks Resurface
17:31 2025-05-23
Fundamental analysis
Relevance up to 12:00 UTC--4
Trading Signals for BITCOIN for May 23-27, 2025: sell below $108,700 (200 EMA - 21 SMA)
18:16 2025-05-23
Technical analysis
Relevance up to 05:00 2025-05-26 UTC--4
Update on US stock market on May 23. Correction underway
14:53 2025-05-23
Stock Markets
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

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.