Skip to Content
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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
GBP/USD Technical Outlook Near-term Bearish

GBP/USD Technical Outlook Near-term Bearish

Paul Robinson,

GBP/USD Technical Outlook

  • GBP/USD posted weekly reversal at 2018 highs
  • Targeting support below 13700 near-term

GBP/USD to trade lower

Last week, GBP/USD posted a weekly reversal candle at an important long-term level. The high price of the candle was just a few pips above the strongest weekly close of 2018; an important macro high as it subsequently led to the lowest levels in decades.

The key reversal week at long-term resistance is reason enough to look for near-term weakness, but furthering the case is the break back inside the intermediate-term channel dating to September.

Often times when price leaves the confines of a channel it leads to a blow-off (this time to the 2018 high), and when that move is reversed back inside the channel the tendency is for a decline to develop to at least the other side of the channel. The other side of the channel is also in confluence with the March trend-line.

From a tactical standpoint a close back above the channel (~14050 and rising with the channel) would dent a bearish trading bias. On the downside, there is currently about 300 pips of room until the lower parallel of the channel is met around the 13635 level (and rising). This makes a for a decent risk/reward scenario.

GBP Forecast
GBP Forecast
Recommended by Paul Robinson
Check out the Q1 GBP Forecast
Get My Guide

GBP/USD Weekly Chart (weekly reversal around 2018 high)

gbp/usd weekly chart

GBP/USD Daily Chart (looking for other side of channel)

gbp/usd daily chart

GBP/USD Charts by TradingView

Resources for Forex 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.