News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • EUR/GBP continues to trade towards the bottom of the trading range. Sentiment remains ‘mixed’ after near term decline in long positioning. Get your market updates from @RichardSnowFX here:https://t.co/i7uESnbkBE https://t.co/rdqrIAUnuG
  • @JohnKicklighter At the very least, it’s providing extra entertainment for us market junkies plugged into #Fed Chair Powell’s congressional testimony. Perhaps serving as a coping mechanism for HODL-ers as well. $BTCUSD #Bitcoin
  • U.K.-EU TRUCE LIKELY IN N.IRELAND TRADE DISPUTE, OFFICIALS SAY - BBG
  • Fed's Powell: - The Fed is prepared to utilize all of its tools to maintain inflation at or below 2% - It is extremely unlikely that inflation will be as high as it was in the 1970's
  • Fed's Powell: - Enhanced unemployment benefits may be a factor limiting job growth - In the fall, I believe we will see a lot more jobs being created
  • Fed's Powell: - On the employment front, we still have a long way to go - When the economy is healthier, we will focus on reducing government borrowing
  • So do crypto traders resort to making memes as they wait for the market to recover. The sheer volume of these memes is incredible to behold
  • Fed's Powell: - In certain circumstances, a backstop is preferable than a direct loan - Vaccines and their widespread use are critical to recovery
  • Fed's Powell: - Overall, the main street lending program was successful - The municipal liquidity facility was a huge success
  • Fed's Powell: - The labor market and inflation numbers we are looking at are in an unusual situation - I see the factors affecting inflation waning over time
Further GBPUSD Gains Likely Limited Near-Term

Further GBPUSD Gains Likely Limited Near-Term

Martin Essex, MSTA, Analyst

GBP price analysis and outlook:

  • GBPUSD has been rising within an upward-sloping channel on the charts.
  • However, a pause now seems likely before its climb resumes.

GBPUSD advance running out of steam

The GBPUSD price has been strengthening for nearly two weeks now as fears that the UK will leave the EU without a Brexit deal have receded. However, a pause is now possible before the rally extends higher. As the hourly chart below shows, the pair is already finding it hard to make a significant break above the 1.33 level.

GBPUSD Price Chart, Hourly Timeframe (February 15-28, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Moreover, the trendline joining the recent higher highs is now around 1.3385 and the price will have to break through it before reaching the next important psychological level of 1.34. In addition, the daily chart shows the pair stalled just above the 1.34 level on several successive days back in June 2018, adding to the resistance there.

On the other hand, the downside is now well protected, with a raft of moving averages sitting below the current price. Note too that the RSI on the chart above is no longer at the 70 level signifying the pair has been overbought and that there is still a bullish signal from the retail trader sentiment data.

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES