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
09.05.2025 11:22 AM
GBP/USD. May 9th. The Bank of England Didn't Support the Bulls
Open trading account Open demo account

On the hourly chart, the GBP/USD pair on Thursday formed two bounces from the 127.2% Fibonacci retracement level at 1.3344, turned in favor of the US dollar, and dropped to the 100.0% Fibonacci level at 1.3205. There was no rebound from this level—just a few points short. Thus, no buy signal was generated. A consolidation below 1.3205 would suggest the pair could continue declining toward 1.3139 and 1.3085.

This image is no longer relevant

The wave pattern remains simple and clear. The most recent completed upward wave did not break the previous high, while the last downward wave did break the previous low. This means the bullish trend is transitioning into a bearish one. So far, the pound's decline is too mild to call it a trend, but over the past three months, such drops have only occurred on rare occasions. Bulls will have a hard time lifting the price above 1.3425 without new announcements from Donald Trump about increased or new import tariffs.

The news flow on Wednesday did all it could, and on Thursday, bears got lucky for a second day in a row. As expected, the Bank of England lowered its interest rate, but that didn't make the decision any less significant or less "hawkish." A rate cut is a rate cut, and the pound should respond by falling—which it did. Two central banks effectively supported the dollar, though the gains were modest. It's hard to predict how long this climb will continue with Trump's unpredictable policies. In my view, the pound has no new reasons to rally, while the dollar has few reasons to rise at all. So even though the current chart looks like the beginning of a bearish trend, I wouldn't expect a strong drop in the near future. Powell calmed markets, and Bailey signaled readiness to ease monetary policy moderately. The situation now favors the dollar, but Trump could easily chase the bears off the market with a single announcement.

This image is no longer relevant

On the 4-hour chart, the pair rebounded from the 100.0% Fibonacci level at 1.3435, turned in favor of the dollar, and continues to fall toward the 76.4% corrective level at 1.3118. No emerging divergences are noted on any indicator. The ascending trend channel still suggests a bullish trend. The background remains unfavorable for bears, so I'm not expecting a deep drop just yet.

Commitments of Traders (COT) Report

This image is no longer relevant

Sentiment among the "Non-commercial" trader category became more bullish in the latest reporting week. Long contracts held by speculators fell by 2,957, and short positions dropped by 6,426. Bears lost their advantage in the market. The gap between long and short positions now stands at 24,000 in favor of the bulls: 91,000 versus 67,000.

In my opinion, the pound still has downward potential, but recent developments could cause a long-term market reversal. Over the last three months, long positions rose from 80,000 to 91,000, while short positions declined from 80,000 to 67,000. Notably, over the last 14 weeks—coinciding with "14 weeks of Trump's presidency"—long positions grew from 59,000 to 91,000, and short positions fell from 81,000 to 67,000.

Economic Calendar (May 10):

  • UK – BoE Governor Andrew Bailey speaks (08:40 UTC)

Friday's calendar includes just one event, but it could be significant enough to influence market sentiment in the first half of the day.

GBP/USD Forecast and Trader Tips:

Sales were viable after an hourly close below the 1.3344–1.3357 zone and after two bounces from the same area, with targets at 1.3265 and 1.3205. The second target was nearly reached. Buying opportunities may arise on a rebound from 1.3205 on the hourly chart, with a target at 1.3344.

Fibonacci grids are drawn from 1.3205–1.2695 on the H1 chart and from 1.3431–1.2104 on the H4 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
2380
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
1990
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.