empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
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
24.01.2025 12:32 PM
GBP/USD. January 24th. The US Dollar Awaits the FOMC Meeting
Open trading account Open demo account

On the hourly chart, the GBP/USD pair rebounded from the 261.8% Fibonacci level at 1.2303 on Thursday, reversed in favor of the British pound, and secured itself above the 1.2363–1.2370 resistance zone. This suggests the potential for continued growth toward the next resistance zone at 1.2488–1.2508. However, the pound's growth is currently limited by the upward trend channel that supports its continuation. The pair is now near the upper boundary of this channel, making further short-term growth uncertain.

This image is no longer relevant

The wave structure remains clear. The last completed downward wave broke the low of the previous wave, while the last upward wave has yet to approach its previous peak. This indicates the continuation of a bearish trend, with no signs of reversal at this point. To terminate this trend, the pound must rise to at least 1.2569 and securely close above it. Such a scenario is unlikely to materialize today.

Thursday brought little economic news from both the UK and the US, although President Donald Trump did speak, calling for the Federal Open Market Committee (FOMC) to cut rates. It's important to note that the Federal Reserve's plans differ significantly from those of the newly inaugurated U.S. president. Their objectives diverge as well. Next week, the Fed will hold its first meeting of the year. While traders do not expect any changes to monetary policy parameters, Trump's remarks yesterday make Fed Chair Jerome Powell's upcoming comments highly anticipated.

If Powell shows leniency and hints at a willingness to accelerate rate cuts, bearish traders will retreat further. Currently, the market expects no more than two 0.25% rate cuts from the Fed in 2025. However, if Powell signals the possibility of more aggressive easing, the dollar could face significant challenges. The current bullish trend is very weak and could end at any moment. Trump cannot consistently support dollar bears every day.

This image is no longer relevant

On the 4-hour chart, the pair may continue to grow within a downward trend channel. However, the hourly chart indicates the likelihood of bears regaining control in the near term. For now, I recommend focusing more on the hourly chart. No divergence signals are observed in any indicators today.

Commitments of Traders (COT) Report

This image is no longer relevant

The sentiment among the "Non-commercial" category of traders became significantly more bearish last week. The number of long positions held by speculators decreased by 786, while short positions increased by 13,282. Bulls have lost all their market advantage, a process that has unfolded over several months. The gap between long and short positions is now non-existent, with both at 80,000.

In my view, the pound retains the potential for further declines, and COT reports indicate growing bearish positions nearly every week. Over the past three months, long positions have decreased from 161,000 to 80,000, while short positions have risen from 67,000 to 80,000. I expect professional players to continue shedding long positions or increasing shorts over time, as all possible factors for buying the British pound have already been priced in. Graphical analysis also supports the pound's decline.

Economic Calendar for the UK and US:

  • UK: Services PMI (09:30 UTC)
  • UK: Manufacturing PMI (09:30 UTC)
  • US: Services PMI (14:45 UTC)
  • US: Manufacturing PMI (14:45 UTC)
  • US: New Home Sales (15:00 UTC)
  • US: Consumer Sentiment Index (15:00 UTC)

Friday's economic calendar includes several noteworthy events. The influence of the news background on market sentiment may be moderate throughout the day.

GBP/USD Forecast and Trading Recommendations:

Selling opportunities will arise if the pair consolidates below the ascending trend channel on the hourly chart. Buying opportunities remain viable, given that the pair closed above the 1.2363–1.2370 zone on the hourly chart. However, the influence of today's economic news could negate any potential gains.

Fibonacci levels are plotted at 1.3000–1.3432 on the hourly chart and 1.2299–1.3432 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
Forecast
USD/JPY: Simple Trading Tips for Beginner Traders for June 6th (U.S. Session) Trade Review and Tips for Trading the Japanese Yen The price test at 144.02 in the first half of the day occurred when the MACD indicator had already moved significantly
Jakub Novak
15:46 2025-06-06 +02:00
1885
Forecast
GBP/USD: Simple Trading Tips for Beginner Traders for June 6th (U.S. Session) Trade Review and Tips for Trading the British Pound The price test at 1.3546 in the first half of the day occurred when the MACD indicator had already moved significantly
Jakub Novak
15:43 2025-06-06 +02:00
1570
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

USD/CAD. Analysis and Forecast

The pair is attempting to attract buyers, but spot prices remain close to a yearly low and appear vulnerable to further decline. The Canadian dollar is supported by reports
Irina Yanina 15:33 2025-06-06 UTC+2

EUR/JPY. Analysis and Forecast

The EUR/JPY pair continues to demonstrate stable positive dynamics. Spot prices remain near a three-week high. Factors supporting the rise of EUR/JPY include disappointing data on household spending in Japan
Irina Yanina 11:21 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

On Thursday, the EUR/USD pair continued its upward movement but made two rebounds from the 76.4% corrective level at 1.1454, suggesting a potential reversal in favor of the U.S. dollar
Samir Klishi 11:09 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

On the hourly chart, the GBP/USD pair on Thursday rose to the resistance zone of 1.3611–1.3620, rebounded from it, and turned in favor of the U.S. dollar. A decline began
Samir Klishi 11:03 2025-06-06 UTC+2

Forex forecast 06/06/2025: EUR/USD, USD/JPY, SP500, Oil, Ethereum 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 09:51 2025-06-06 UTC+2

Forecast for EUR/USD on June 6, 2025

Yesterday, the ECB as expected cut key rates by a quarter point, bringing the refinancing rate to 2.15%. At the press conference, ECB President Christine Lagarde stated that rates have
Laurie Bailey 08:21 2025-06-06 UTC+2

Forecast for GBP/USD on June 6, 2025

GBP/USD Amid yesterday's brief optimism over the ECB's decision to cut rates and nearly complete the easing cycle, the pound almost reached the target level of 1.3635. Today began neutrally
Laurie Bailey 08:17 2025-06-06 UTC+2

Forecast for USD/JPY on June 6, 2025

As of this morning, the USD/JPY pair has found itself in a completely dual situation, with an equal likelihood of both growth and decline. Indicators suggesting growth include the price
Laurie Bailey 08:13 2025-06-06 UTC+2

Trading Signals for EUR/USD for June 6-10, 2025: buy above 1.1080 (200 EMA - 6/8 Murray)

The eagle indicator is showing a negative signal, so we believe that if the euro falls below the 6/8 Murray level in the coming hours, it will be seen
Dimitrios Zappas 07:04 2025-06-06 UTC+2

Trading Signals for GOLD (XAU/USD) for June 6-10, 2025: buy above $3,365 (21 SMA - 7/8 Murray)

On the other hand, gold is expected to undergo a technical correction. On May 30, it left a gap around 3,284, and if it consolidates below 3,350, it could likely
Dimitrios Zappas 07:01 2025-06-06 UTC+2

Top analytics

Relevance up to 06:00 UTC--5
EUR/USD: Simple Trading Tips for Beginner Traders for June 6th (U.S. Session)
15:41 2025-06-06
Forecast
Relevance up to 07:00 UTC--5
USD/JPY: Simple Trading Tips for Beginner Traders for June 6th (U.S. Session)
15:46 2025-06-06
Forecast
Relevance up to 06:00 UTC--5
GBP/USD: Trading Plan for the U.S. Session on June 6th (Review of Morning Trades)
15:38 2025-06-06
Trading plan
Relevance up to 06:00 UTC--5
EUR/USD: Trading Plan for the U.S. Session on June 6th (Review of Morning Trades)
15:36 2025-06-06
Trading plan
Relevance up to 06:00 UTC--5
GBP/USD: Simple Trading Tips for Beginner Traders for June 6th (U.S. Session)
15:43 2025-06-06
Forecast
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.