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
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% France 40: 0.15% US 500: 0.04% Wall Street: -0.03% Germany 30: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/FPJs0yOWtC
  • LIVE NOW: Join Technical Strategist @MBForex for his Mid-Week Market Update to review the setups we're tracking into today's #Fed Decision! - https://t.co/NG58yc4oIJ
  • The Federal Reserve meeting will be the highlight of the day and week, marking the last chance for some FX volatility before the summer lull kicks in. Get your market update from @JMcQueenFX here:https://t.co/f7a2r3Xupz https://t.co/dPqOnqGa6v
  • From my Twitter poll, it seems more than half of those that responded believe there will be no change in either Fed tone/outlook today. Taper announcement voted by 27% and only 12% expect a dot plot shift forward. #FOMC https://t.co/GIHlHkH5jr
  • Mid-Week Market Update webinar starting in 15mins on DailyFX! Reviewing the technical setups we're tracking into #FOMC - https://t.co/8SFBJxwo30
  • Average of core inflation at 2.3%. $USDCAD move lacking conviction given FOMC later today https://t.co/UG9xaa8RUE
  • RT @RiskReversal: This week on @macrosetup from @nadex👉 @GuyAdami and I weigh in on the "most important" Fed meeting of our post-pandemic l…
  • 🇨🇦 Core Inflation Rate YoY (MAY) Actual: 2.8% Expected: 2.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-06-16
  • 🇺🇸 Building Permits MoM (MAY) Actual: -3% Previous: -1.3% https://www.dailyfx.com/economic-calendar#2021-06-16
  • 🇺🇸 Housing Starts MoM (MAY) Actual: 3.6% Previous: -12.1% https://www.dailyfx.com/economic-calendar#2021-06-16
GBP/USD & GBP/AUD Sporting Weak Charts, Headed Lower

GBP/USD & GBP/AUD Sporting Weak Charts, Headed Lower

Paul Robinson, Strategist

For intermediate-term fundamental and technical analysis on your favorite currencies and markets, check out the DailyFX 2Q Forecasts.

GBP/USD Weak Price Action

Cable’s inability to rally over the past couple of weeks following the precipitous decline off the April high has it positioned to move towards support around 13300, where there are several swing highs/lows from October-December.

A lot of the juice has been squeezed from the short-trade here, already, but as far as the path of least resistance, short-term traders appear to still have room before running into a potential turning point. In the event 13300 gives way with force, there isn’t anything substantial until near 13000.

Check out these 4 ideas to help you Build Confidence in Trading.

GBP/USD Daily Chart (No Rally following decline points to more weakness)

GBP/USD daily chart, weakening price action

GBP/AUD Forming a Descending Wedge

Price action in sterling-aussie continues to weaken with bounces growing increasingly smaller. This is taking shape while slightly breaching a trend-line extending higher from the August low. The descending wedge taking shape suggests we will soon see another leg lower.

A firm drop below 17900 will have GBP/AUD rolling downhill, with the next targeted level of support arriving around 17600, the bottom of a consolidation period during February and March.

GBP/AUD Daily Chart (Price action weakening)

GBP/AUD daily chart, weakening price action

GBP/AUD 4-hr Chart (Descending wedge)

GBP/AUD 4-hr chart, descending wedge forming

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES