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.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The $JPY market faces a clear disconnect between domestic economic data and monetary policy. What if that were to change? Get your market update from @DavidCottleFX here:https://t.co/4Gr8tLaHvj https://t.co/0eXMv5CTnd
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
  • Poll - Does your personality match your #tradingstyle? Vote and find out from @WVenketas here: https://t.co/vREsUIWSJd https://t.co/Ft0ExAmMpq
  • #Dow Jones hits record high, however, central bank liquidity prompts volatility implosion. #FTSE 100 among underperformers with focus remaining on politics. Get your #equities market update from @JMcQueenFX here: https://t.co/EOFleGSeBp https://t.co/ecAyfSUeAM
  • RT @C_Barraud: 🇪🇺 #ECB’s Muller Says More Assets Could Join Stimulus List in Slump - Bloomberg https://t.co/roGEgu0VTQ
  • With increasing volatility in weather patterns, how might storms, hurricanes and floods rattle the supply chain for petroleum-based products and impact crude oil prices? Find out from @JStanleyFX here:https://t.co/O4dgBl47fq https://t.co/OQYqZAYt9S
  • Currency Strategist,@PaulRobinsonFX is a Swing trader. What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/WzRYeqRhUL
  • Despite what your #tradingstyle is, you should be keeping a trading journal. How can you start keeping a trading journal? Find out: https://t.co/0akgWbyJEw https://t.co/4ehMlN4zv1
GBP/USD Rallies on News

GBP/USD Rallies on News

2016-04-26 13:30:00
Walker England, Forex Trading Instructor

Talking Points

  • The GBP/USD Trades Higher on Durable Goods Orders Miss
  • Bullish Breakouts Began over 1.4542
  • SSI Reads Negative at -1.23

GBP/USD 30 Minute

GBP/USD Rallies on News

(Created using Marketscope 2.0 Charts)

What do DailyFX analysts expect from the US Dollar for 2016? Find out here!

The GBP/USD continues to trade higher, with the US Dollar selling off against most major currencies. This morning’s move was predicated by US Durable Goods Orders (Mar P) missing expectations, which were set at 1.9%. The actual figure came in at .8%, causing the US Dollar to sell off against the Pound. It should also be mentioned that there is more event risk on the horizon. Later today, at 13:00 GMT, US Consumer Confidence numbers are being released. Expectations for this event are set at a reading of 96.00. With the increased volatility seen earlier in the day, these figures may also have the potential to move the market.

Currently the GBP/USD is trading over today’s R4 pivot, which is displayed in the graph above at a price of 1.4542. With today’s pivot range measuring 64 pips, the pair has already exceeded initial bullish targets found using a 1X range extension. With the high of the day currently at 1.4618, traders looking to join the trend may wait for a retracement or plan for the pair’s next breakout. In the event of a reversal later today, traders should watch for the GBP/USD to fall back below the previously mentioned R4 pivot. This would open the pair to potentially trade back inside of today’s pivot range starting with the R3 Camarilla pivot found at a price of 1.4510.

Find out the latest positioning totals with DailyFX’s sentiment page

SSI (Speculative Sentiment Index) for the GBP/USD currently reads at -1.23. This number has flipped negative from last week’s reading of +1.76. While this number is significantly negative, a continued move higher may be validated if SSI reaches an extreme of -2.0 or lower. In the event of a reversal later today, traders may look for SSI to push back towards more neutral values or possibly flip to a positive reading.

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.

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


News & Analysis at your fingertips.