empty
23.04.2025 06:45 AM
How to Trade the GBP/USD Pair on April 23? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades

1H Chart of GBP/USD

This image is no longer relevant

The GBP/USD pair declined rather significantly on Tuesday. While the pound's drop began somewhat sluggishly, in the evening, Donald Trump finally decided to help the U.S. dollar. The U.S. President stated that he no longer intended to fire Jerome Powell and did not plan to keep the 145% tariffs on China in place for an extended period. Presumably, Trump meant that the 145% tariffs would not remain in force if a trade agreement with China were signed. And as we know, negotiations have either not started or are being conducted in complete secrecy. We can only judge the progress of talks with all countries based on statements from the White House. And these statements often do not reflect reality. As a result, the dollar gained strength on Tuesday, but if it drops today, we won't be surprised.

5M Chart of GBP/USD

This image is no longer relevant

Two trading signals were formed in the 5-minute timeframe on Tuesday, but overall, market movements remain chaotic and driven by panic. In essence, all strong price swings we are currently observing are the result of statements and decisions made by Trump. No one can predict what the U.S. President will say today. Therefore, we can only draw conclusions based on the technical picture. However, the technical picture becomes highly ambiguous and overtly contradictory under Trump's influence.

Trading Strategy for Wednesday:

In the hourly timeframe, the GBP/USD pair could have started a downtrend a long time ago, but the market continues to focus solely on Trump, so the British pound continues to crawl steadily upward. One day of decline is not a trend. Thus, the future movements of the pair depend solely on the American President and his decisions—and nothing else.

On Wednesday, the GBP/USD pair may trade south for a while as the first signs of easing tensions in the global trade war have started to emerge. However, a consistent flow of news about trade conflict de-escalation is required for the dollar to show substantial growth.

On the 5-minute timeframe, trading levels for Wednesday are 1.2848–1.2860, 1.2913, 1.2980–1.2993, 1.3043, 1.3102–1.3107, 1.3145–1.3167, 1.3203, 1.3272, 1.3365, 1.3421–1.3440, 1.3488, 1.3537, 1.3580–1.3598. Business activity indices for April's services and manufacturing sectors are scheduled for release in both the UK and the U.S. on Wednesday, but these reports could introduce even more volatility into the pair's movements.

Core Trading System Rules:

  1. Signal Strength: The shorter the time it takes for a signal to form (a rebound or breakout), the stronger the signal.
  2. False Signals: If two or more trades near a level result in false signals, subsequent signals from that level should be ignored.
  3. Flat Markets: In flat conditions, pairs may generate many false signals or none at all. It's better to stop trading at the first signs of a flat market.
  4. Trading Hours: Open trades between the start of the European session and the middle of the US session, then manually close all trades.
  5. MACD Signals: On the hourly timeframe, trade MACD signals only during periods of good volatility and a clear trend confirmed by trendlines or trend channels.
  6. Close Levels: If two levels are too close (5–20 pips apart), treat them as a support or resistance zone.
  7. Stop Loss: Set a Stop Loss to breakeven after the price moves 20 pips in the desired direction.

Key Chart Elements:

Support and Resistance Levels: These are target levels for opening or closing positions and can also serve as points for placing Take Profit orders.

Red Lines: Channels or trendlines indicating the current trend and the preferred direction for trading.

MACD Indicator (14,22,3): A histogram and signal line used as a supplementary source of trading signals.

Important Events and Reports: Found in the economic calendar, these can heavily influence price movements. Exercise caution or exit the market during their release to avoid sharp reversals.

Forex trading beginners should remember that not every trade will be profitable. Developing a clear strategy and practicing proper money management are essential for long-term trading success.

Paolo Greco,
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 June 26th (Morning Trade Review)

In my morning forecast, I focused on the 1.3720 level and planned to base my market entry decisions around it. Let's look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:56 2025-06-26 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 26th (Morning Trade Review)

In my morning forecast, I focused on the 1.1749 level and planned to make trading decisions based on it. Let's look at the 5-minute chart and analyze what happened. Although

Miroslaw Bawulski 18:53 2025-06-26 UTC+2

How to Trade the GBP/USD Pair on June 26? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD On Wednesday, the GBP/USD pair continued its upward movement, which had begun on Tuesday. As a reminder, Tuesday brought news

Paolo Greco 06:38 2025-06-26 UTC+2

How to Trade the EUR/USD Pair on June 26? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD On Wednesday, the EUR/USD currency pair traded with low volatility for most of the day and showed no intention of moving

Paolo Greco 06:38 2025-06-26 UTC+2

Trading Recommendations and Analysis for GBP/USD on June 26: The Pound Calmly Awaits the Right Moment

The GBP/USD currency pair remained immobile for most of Thursday. Let's recall that the pair reached its three-year high this week, and even after this significant event, no correction began

Paolo Greco 03:39 2025-06-26 UTC+2

Trading Recommendations and Analysis for EUR/USD on June 26: Total Flat in an Empty Calendar

The EUR/USD currency pair showed absolutely no movement throughout Wednesday. Volatility was minimal. What's most interesting is that the flat occurred at the highest levels seen in three years

Paolo Greco 03:39 2025-06-26 UTC+2

GBP/USD: Trading Plan for the U.S. Session on June 25th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.3591 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 2025-06-25 UTC+2

EUR/USD: Trading Plan for the U.S. Session on June 25th (Review of Morning Trades)

In my morning forecast, I highlighted the 1.1584 level and planned to make trading decisions based on it. Let's take a look at the 5-minute chart and analyze what happened

Miroslaw Bawulski 18:21 2025-06-25 UTC+2

How to Trade the GBP/USD Pair on June 25? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of GBP/USD On Tuesday, the GBP/USD pair continued its upward movement, even stronger than the EUR/USD pair. The reason behind the new rise

Paolo Greco 06:36 2025-06-25 UTC+2

How to Trade the EUR/USD Pair on June 25? Simple Tips and Trade Analysis for Beginners

Analysis of Tuesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair continued its upward movement on Tuesday overall. This time, the market witnessed an entire circus act performed

Paolo Greco 06:36 2025-06-25 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.