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
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/4wlRjBTCzK
  • The #Dollar has bottoming potential, but that is starting to lose weight as it fails to sustain any lift; next week could be a big one for #USD’s near-term outlook. Get your #currencies update from @PaulRobinsonFX here: https://t.co/IifHjik7gM https://t.co/R9b4jdTPnO
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/lW1rqjpy0x
  • I’d like to thank my followers, I just reached 5,000 which is quite a milestone for someone that isn’t a huge fan of the platform. Thank you all very much ❤️
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
  • 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/Xi9QU3ADPF
  • 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/cQwbeZ6Feq
  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/boEI8RuQdC
  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
GBP/USD Breaks Weekly Lows on CPI Data

GBP/USD Breaks Weekly Lows on CPI Data

2016-09-13 16:15:00
Walker England, Forex Trading Instructor
Share:

Talking Points

The GBP/USD continues to decline this morning, after U.K CPI figures were released worse than expected. Expectations were set for today’s CPI reading at 1.4%, however they were missed with a reported reading of1.3% (YoY) (AUG). This has caused the GBP/USD and trade to new weekly lows at 1.3166. Traders monitoring today’s break lower in the Cable now must turn to short term price trends to see if may continue to trade lower, or potentially bounce off of the standing daily lows.

GBP/USD, 30 Minute Chart & Channel

GBP/USD Breaks Weekly Lows on CPI Data

(Created using Marketscope 2.0 Charts)

In the 5-minute graph below, the GBP/USD can be seen trading off its current daily lows. The Grid Sight Index (GSI) is currently viewing this move as a short term uptrend, as the pair has put in place a series of higher highs in the last hour of trading. After reviewing 39,553,592 pricing points, GSI has indicated that price action has declined by 30 pips or more in 57% of the reported 460 matching historical events. It should be moated that a decline through today’s first bearish historical distribution at 1.3156 would place the Cable at new daily lows. This would suggest that the current short term uptrend was merely a retracement, and traders may begin looking for further price declines.

Alternatively, GSI has indicated that prices have advanced by 16 pips or more in 52% of the 460 historical matches. Today’s first bullish historical distribution is found at 1.3202. A move through this value would be significant, as it would suggest that the GBP/USD is attempting to fade this morning’s decline. In this scenario, traders may look for prices to test key values of resistance including 1.3200 and 1.3215

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

GBP/USD Breaks Weekly Lows on CPI Data

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.

DISCLOSURES