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
  • Commodities Update Post #Evergrande Payment News: #Gold trading cautiously higher as #USD falls (Treasury yields rising offsetting price action slightly) Growth-linked #CrudeOil prices pushing higher as Chinese slowdown woes slightly cool https://t.co/kq1l3v5O4I https://t.co/tIuUcE0b4N
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cC4v7H https://t.co/hJOIE51SQ8
  • Evergrande Sept 23 Yuan coupon payment negotiated with holders - BBG
  • PBOC increases daily liquidity injection to 120 billion Yuan - BBG
  • Reports citing Reuters crossing the wires that China's #Evergrande main unit Hengda Real Estate will make coupon payments on onshore bonds due SEP 23 Risk-on #AUD and #NZD gaining Anti-risk #USD and #JPY weakening #SP500 futures rising ahead of the #Fed $AUDUSD $NZDUSD #Yen https://t.co/2oQgLIEtt3
  • 🇦🇺 Westpac Leading Index MoM (AUG) Actual: -0.3% Previous: -0.12% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Join @FxWestwater at 22:00 EST/2:00 GMT for a webinar on preparing to trade commodities markets in the week ahead. Register here: https://t.co/qTOa60TaYd https://t.co/JVt1tiZhcP
  • House votes (220-211) to suspend debt limit and avoid a government shutdown $DXY
  • Heads Up:🇦🇺 Westpac Leading Index MoM (AUG) due at 01:00 GMT (15min) Previous: -0.12% https://www.dailyfx.com/economic-calendar#2021-09-22
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjsLNT https://t.co/8BjIJdOpti
GBP/USD Prices Range Ahead of NFP Data

GBP/USD Prices Range Ahead of NFP Data

Walker England, Forex Trading Instructor

Talking Points

  • The GBP/USD Continues to Consolidate After News
  • Traders Wait for NFP Data, Expectations Set at 200k
  • SSI Reads Negative -1.001, as Market Sentiment Remains Split

GBP/USD prices have been trading inside of today’s 60-pip pivot range ahead of this morning’s initial jobless claims data. Expectations for this morning’s event were set at 261K and released at 274k. Currently, prices are trading back below range resistance, which is marked in the graph above at the R3 pivot at a price of 1.4522. If prices remain below range resistance, traders may look for the GBP/USD to again traverse today’s the pivot range back to support found at the S3 pivot at 1.4462.

GBP/USD 30 Minute Chart

GBP/USD Prices Range Ahead of NFP Data

(Created using Marketscope 2.0 Charts)

What’s next for the US Dollar? Find out more with our analysts Free forecast!

If prices continue to decline from resistance, traders may look for a continued bearish move below today’s S4 pivot point at 1.4482. A move to this point would be significant, as it would mark the second bearish breakout this week. In this scenario, traders may use a 1X extension of today’s pivot range to find initial bearish targets near 1.4422. Alternatively, a breakout above the R4 pivot at 1.4552 may expose potential bullish targets near 1.4612.

Find out real time sentiment data for the GBP/USD with the DailyFX’s sentiment page.

Traders should remember that tomorrow also marks another important data release for US Dollar pairs. Tomorrows NFP, (Non-Farm Payrolls) event has expectations set at 200k, and any deviation from this value has the potential to drastically increase volatility for US Dollar pairs. Traders looking to gauge market sentiment going into this event should note that SSI (speculative sentiment index) for the GBP/USD currently reads at a neutral -1.001. With positioning being a near virtual split, traders may look to confirm any new directional moves with a move in SSI to either a new negative or positive extreme.

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

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

Contact and Follow Walker on Twitter @WEnglandFX.

It’s a new trading month and FXCM is beginning a new $10,000 trading challenge. Learn more about the contest and track the leaderboard HERE.

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

DISCLOSURES