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.

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
EUR/USD
Bearish
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
Bearish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -2.40% Oil - US Crude: -4.81% Silver: -8.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bO6biPyCKp
  • UK COVID alert level has moved from level 3 to level 4
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.14% 🇨🇭CHF: -0.56% 🇨🇦CAD: -0.70% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.14% 🇳🇿NZD: -1.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIoEwFiMLN
  • The DXY continues to build on a rebound off long-term uptrend support and the Majors are poised for some decent moves this week. Get your #DXY market update from @MBForex here: https://t.co/bjbs0gYT6I https://t.co/0OapScLca9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.49% FTSE 100: 0.32% US 500: -2.12% Wall Street: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nultu65SC6
  • UK PM Johnson is to announce a 10pm closing time for pubs tomorrow, according to the Sun
  • NI First Minister says local COVID 19 restrictions currently in place will apply to the whole of Northern Ireland from Tuesday
  • Heads Up:🇺🇸 Fed Brainard Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-21
  • Technical Trade Levels: #Dollar, #Euro, #Sterling, #Yen, #Loonie & #Gold - Webinar Archive - https://t.co/4s1mlKp2rr
  • that rebuffing in $GBPUSD last week was Wed-Friday as price action built in an evening star formation. Next big support on my chart ~2644-2674 https://t.co/v7yvMVokmn https://t.co/a4uVJj9rY6
GBP/USD Consolidates to End Week

GBP/USD Consolidates to End Week

2016-07-16 09:00:00
Walker England, Forex Trading Instructor
Share:

Market Condition: GBP/USD Pending Daily Breakout

Target 1: 1X Reference 373 Pips

Target 2: 2x Reference 746 Pips

Invalidation: Continued Consolidation

GBP/USD Daily Chart

GBP/USD Consolidates to End Week

(Created using Marketscope 2.0 Charts)

Last week we discussed the emergence of an inside bar on the daily GBP/JPY chart. Today, the GBP/USD is set to close the week with a similar candle pattern. Using Thursdays’ daily high as a reference, resistance for GBP/USD may be found at a price of 1.3476. Support may be found using the reference low at a price of 1.3103. Traders may continue to monitor these values for a potential breakout starting with next week’s open.

Traders should note that Thursday’s reference bar measures 373 pips. Traders may use a 1X extension of this bar to find initial profit targets for either bullish or bearish breakouts. Half of this range, 186.5 pips, may be used to create a 1:2 Risk/Reward ratio for an attempted breakout.

In the event that prices fail to breakout, traders may elect to trade the continued consolidation between the previously mentioned values of support and resistance.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

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

DISCLOSURES