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
More View more
Real Time News
  • South Korea Covid cases hit new daily record at 1,896 - BBG
  • Bank of Japan Summary: - Vital to study climate change impact - Premature tightening should be avoided - BBG $USDJPY
  • Heads Up:🇯🇵 BoJ Summary of Opinions due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-07-27
  • 6 out of 9 Dow Jones sectors ended lower, with 56.7% of the index’s constituents closing in the red. Information technology (-0.80%), industrials (-0.55%) and energy (-0.34%) were among the worst performer, whereas communication services (+0.50%) outperformed. https://t.co/f3nUjK3Mmz
  • Hey there traders! I will be hosting this session in about 50 minutes Will be talking about the Dow Jones and S&P 500 ahead of the Fed and Core PCE data Signup for the session below! https://t.co/cm2ubS2wBd
  • RT @FxWestwater: Asia AM - Japanese Yen Outlook: $USDJPY Drops on Haven Flows as Traders Brace for #FOMC Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/07/27/Japanese-Yen-Outlook-USDJPY-Drops-on-Haven-Flows-as-Traders-Brace-for-FOMC.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr htt…
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/AzOQip9B3r https://t.co/tYPv6QYQIG
  • US Dollar Outlook: Fed Decision Due - Will it Spark Fireworks? The $DXY edged lower on Tuesday with $EURUSD, $GBPUSD, and $USDJPY all feeling Dollar weakness. Will the Fed catch markets off-guard with another hawkish surprise tomorrow? Link to Analysis - https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/07/27/us-dollar-outlook-fed-decision-due-will-it-spark-fireworks.html https://t.co/iTt0jJiuUC
  • Crude oil prices are trading largely unchanged following last week's rebound as the Delta variant of Covid and Chinese regulatory measures temper the near-term demand outlook. Get your market update from @FxWestwater here:https://t.co/T3oQa9qksd https://t.co/qgDReDbtcd
  • USD/JPY price action has weakened sharply on the session but is searching for support. Get your $USDJPY market update from @RichDvorakFX here:https://t.co/s6baPFYuS3 https://t.co/1ze3cKJytb
GBP/USD Tests Resistance on Disappointing U.S. Data

GBP/USD Tests Resistance on Disappointing U.S. Data

Walker England, Forex Trading Instructor

Talking Points

  • U.S. Retail Sales Figures Disappoint at 0.1%
  • The GBP/USD tests resistance at 1.5250
  • Bullish breakouts begin over 1.5270

GBPUSD 30Minute

GBP/USD Tests Resistance on Disappointing U.S. Data

(Created using TradingView Charts)

Looking for more analysis on markets? Sign up for my email list here: SIGN UP HERE

The GBPUSD, has held its 40 pip range this morning after a disappointing set of Advanced Retail Sales figures being released this morning. Expectations for the event were set at 0.3%, and released at an actual 0.1% for the month of October. This event quickly caused a selloff of the US Dollar and pushed the GBP/USD to today’s range resistance which is found at a price of 1.5250. So far the pair has been unable to breakout higher at this point, but if prices continue to rally traders will begin looking for a bullish breakout above the R4 pivot point which is found at a price of 1.5270. Traders looking for a breakout can begin targeting prices near 1.5310 using a 1x extension of the previously mentioned trading range.

If range bound conditions continue, it would represent the 4th day of consolidation for the GBP/USD out of five trading days this week. If these current market conditions continue, traders would expect prices to remains supported above the S3 pivot point, which represents range support at a price of 1.5210. Alternatively, in the event that support falls, traders may begin to look for a bearish breakout below the S4 pivot point at 1.5190. A move to this value would be significant as it would suggest the end of the current range bound conditions, and allow traders to begin targeting a lower low for the first time this week.

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

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

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

DISCLOSURES