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
Bullish
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
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
Wall Street
Bullish
Gold
Mixed
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
  • A punny excerpt: “Already the exchanges between Mr. Barnier and his counterpart David Frost, have – apropos to his name – sent a chilling message about bilateral trade talks”. https://t.co/OkFCvUZs2H
  • #BritishPound May Fall on #Virus-Hit GDP Data, #Brexit Stalemate ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/08/08/British-Pound-May-Fall-on-Virus-Hit-GDP-Data-Brexit-Stalemate.html
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/BuFKivwj2h
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/QXaLbmFSjd
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
  • Based on how US-China tensions and fiscal talks ended this past week, is the Japanese #Yen readying to push higher ahead? Check out the latest #JPY fundamental outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/08/10/Yen-May-Rise-as-Nasdaq-100-Falls-on-US-China-Tensions-Fiscal-Woes.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/2Km23bVAy2
  • Tech leading the S&P 500 towards record highs, however, China risks rise. FTSE 100 hovers in a lower range. Get your #equities update from @JMcQueenFX here: https://t.co/IJAABNhxjs https://t.co/ZZ6njsuf5O
  • We are heading into the peak of summer yet there are some unexpected trends in key plays. Will complacency or fundamental instability win out? My weekend video: '#Dollar, S&P 500, #Gold - The Potential for Trend, Reversal or Congestion' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/08/Dollar-SP-500-Gold---The-Potential-for-Trend-Reversal-or-Congestion-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/7KoypvTwcL
GBP/USD Rally Presses On Resistance

GBP/USD Rally Presses On Resistance

2016-08-24 11:06:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • GBP/USD Trades to Weekly Highs After Breaking Above 1.3200
  • Short Term GBP/USD Resistance is Found at 1.3263
  • If you are looking for GBP/USD trading Ideas, check out our Trading Guides.

The GBP/USD is trading to new weekly highs this morning, after breaking out above 1.3200. Currently the pair is moving on its next value of resistance at 1.3263. This resistance line is found at a 78.6% retracement level, which is found measuring the distance from the Current August 2016 high at 1.3371 and the low at 1.2865. Traders should continue to monitor this point, because a further breakout opens the GBP/USD to trade towards new monthly highs. Alternatively, if the Cable is rejected below resistance it suggests that the current bull move in price is simply a retracement in a broader downtrend.

GBP/USD Daily Chart with Fibonacci Retracement

GBP/USD Rally Presses On Resistance

(Created by Walker England)

In the 10 minute graph below, the GBP/USD can be seen trading off of the current daily high at 1.3249. The Grid Sight Index (GSI) is currently highlighting a short term uptrend developing, with the GBP/USD bouncing from its daily low at 1.3218. After reviewing 38,847,112 pricing points, GSI has indicated that price action has advanced 20 pips or more in 60% of the 20 matching historical events. This places this morning first historical analysis point at 1.3161. A move to this level would be considered significant as it would place the GBP/USD 1 pip above the previously mentioned value of Fibonacci Resistance.

It should be noted that today’s first bearish distribution is found at 1.3222. GSI is reporting that prices declined by 22 pips or more in 55% of the matching historical events. A move through this value would suggest that the current bullish momentum seen on the Cable is subsiding. In this scenario, traders may begin to target values beneath the daily low at 1.3218.

Want to learn more about GSI? Get started learning about the Index HERE.

GBP/USD Rally Presses On Resistance

The ratio of long to short positions for the GBP/USD stands at -1.08. This SSI (speculative sentiment index) reading shows that 52% of positioning is currently net short. This is a switch from yesterday’s reading which was reported at +1.14. In the event that prices continue higher, this switch in sentiment may suggest a change in the current GBP/USD trend. Alternatively if prices retrace lower, traders may reasonably expect SSI reading to flip back towards positive readings.

GBP/USD Rally Presses On Resistance

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.

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

DISCLOSURES

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.