Forex Analysis & Reviews: EUR/USD and GBP/USD trading plan and analysis for beginners on November 29, 2022
time 29.11.2022 10:36 AM
time Relevance up to, 30.11.2022 10:03 AM

Economic calendar on November 28

The economic calendar was traditionally empty on Monday as no important reports were published either in the EU and UK or in the US.

Overview of technical charts on November 28

As a result of high speculative activity, EUR/USD touched the resistance level of 1.0500. However, the success of the buyers did not last long as the volume of short positions increased rapidly. So, the pair reversed to the downside.

GBP/USD accelerated its decline after closely approaching the psychological level of 1.2000. Then traders accumulated more short positions so that the pair began a retracement. Notably, bears failed to hold below the key level of 1.1950. As a result, the price bounced off this level and moved above 1.2000.

This image is no longer relevant

Economic calendar on November 29

Today, traders may focus on the UK lending market which is projected to fall. The number of mortgage approvals may turn out to be 63K compared to 66.8 a month ago. The value of mortgage lending is predicted to be just 5.7 billion pounds versus 6.1 billion pounds recorded last year. This means that the UK lending market is declining and is dragging down the real estate market with it. The industrial sector is also suffering against this backdrop.

Therefore, the pound sterling may come under bearish pressure.


UK Mortgage Lending – 09:30 GMT

Trading plan for EUR/USD on November 29

At the moment, we can clearly observe market uncertainty. Therefore, the best strategy in this case would be to wait until the price settles beyond any of the mentioned levels.

Let's specify:

The upward scenario will be relevant if the quote settles above 1.0500 on the 4-hour chart.

The downward scenario will be activated if the price settles firmly below 1.0300 on the 4-hour chart.

This image is no longer relevant

Trading plan for GBP/USD on November 29

In this situation, if the price settles firmly below 1.1950, this will serve as a technical signal for an extended downtrend. If so, the pound may easily drop to the level of 1.1750.

As for the upward scenario, the quote needs to return to the area of 1.2150 to activate the uptrend. This price move is very likely to lead the pair to the local high.

This image is no longer relevant

What's on the chart

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
© 2007-2023
Euro vs US Dollar
Select timeframe
Start trade
Start trade

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

EUR/USD outlook for February 7, 2023

Federal Reserve Chairman Jerome Powell's speech today at the Economic Club of Washington (17:40 GMT) can "swing" the dollar (and therefore the main dollar currency pairs) both up and down

Jurij Tolin 14:31 2023-02-07 UTC+2

U.S. Dollar Index outlook for February 7, 2023

The dollar index (DXY) is retreating from the 4-week highs reached yesterday and early in today's European trading session near 103.67: as of writing, DXY futures were trading near 103.41

Jurij Tolin 14:13 2023-02-07 UTC+2

GBP/USD: trading plan for North American session on February 7. Overview of morning trades. Pound drops slightly before BoE decision

In my previous forecast, I drew your attention to the level of 1.2012 and recommended entering the market from there. Let's have a look at the 5-minute chart and analyze

Miroslaw Bawulski 14:12 2023-02-07 UTC+2

EUR/USD: trading plan for American session on February 7. Overview of morning trades. Speculators to increase long positions at 1.0700

In my morning article, I turned your attention to 1.0720 and recommended making decisions with this level in focus. Now, let's look at the 5-minute chart and figure out what

Miroslaw Bawulski 12:15 2023-02-07 UTC+2

EUR/USD and GBP/USD trading plan for beginners on February 7, 2023

The EURUSD currency pair not only managed to maintain its inertia despite the technical signal that the euro was oversold, it managed to stay below the value of 1.0750

Gven Podolsky 10:42 2023-02-07 UTC+2

Trading plan for EUR/USD and GBP/USD on February 7

Although the retail sales data for the Euro area was revised upwards, the number itself is still noticeably worse than the forecast. The rate of decline was expected to slow

Mark Bom 08:43 2023-02-07 UTC+2

How to trade GBP/USD on February 7. Simple trading tips and analysis for beginners

GBP/USD tried to continue the downward movement on Monday, but failed to cross 1.2008. It also failed to enter a strong bullish correction so the pair was flat for most

Paolo Greco 08:38 2023-02-07 UTC+2

How to trade EUR/USD on February 7, 2023. Simple trading tips and analysis for beginners

Overview of Monday trades: EUR/USD continued to decline on Monday but with less volatility. As we have mentioned before, the momentum movement from Friday and Thursday continued through Monday. There

Paolo Greco 07:56 2023-02-07 UTC+2

GBP/USD: plan for European session on February 7. COT report. GBP remains under pressure

Yesterday, traders received just one signal to enter the market. Let us take a look at the 5-minute chart to find out what happened. A breakout and a reverse test

Miroslaw Bawulski 07:43 2023-02-07 UTC+2

Outlook and trading signals for GBP/USD on February 7. COT report. Pound retreats from the collapse

GBP/USD managed to avoid sharp losses on Monday, but still fell several dozens of points. In general, it moved mostly sideways than downward, so we can say that the market

Paolo Greco 07:27 2023-02-07 UTC+2
Can't speak right now?
Ask your question in the chat.