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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?https://t.co/rfA2TsBctB https://t.co/SNoOEVLXvA
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:https://t.co/NJ683bZKpe https://t.co/zt3bYddjZ6
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pbfmvnsvuu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NL3bVphnYH
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uZ1HjcIJ4q
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:https://t.co/EWLFXK1q3q https://t.co/4XSSNxobMo
GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

2013-05-13 20:01:00
Michael Boutros, Strategist
Share:

GBPUSD Daily Chart

Forex_GBPUSD_Clears_Primary_Objective-_Short_Scalps_In_Play_Sub-1.54_body_Picture_2.png, GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Primary 1.54 Objective has now been achieved- Maintaining Bearish Bias below this mark
  • Channel break dating back to March further reinforces our directional bias
  • Secondary objectives now in view 1.5218 - 1.5265 (50% near-term / long-term retracements)
  • Break eyes key support 1.5127 (61.8% retracement of the mid-March rally)
  • Daily RSI now looks to test 40-threshold- Break suggests correction off March lows is complete
  • Breech above 1.5407-1.5423 range (on a close basis) risks a run on 1.5586
  • Main events to watch this week: Jobless Claims / Quarterly Inflation Report on Wednesday (Significant Event Risk)

GBPUSD Scalp Chart

Forex_GBPUSD_Clears_Primary_Objective-_Short_Scalps_In_Play_Sub-1.54_body_Picture_1.png, GBPUSD Clears Primary Objective- Short Scalps In Play Sub-1.54

Scalp Notes: Bottom Line: Staying bearish below 1.54 – RSI signature is clearly bearish since the Sunday open but looks a tad overdone here and a relief rally is likely to offer better short entries. Looking to sell rallies into our secondary objective- 1.5218 with a break below the 1.5186-96 range offering further conviction on our directional bias. Watch out for Wednesday’s employment report and the BoE’s updated forecast- likely to offer further clarity on the MPC’s stance and could impact near-term sterling price action.

*We will remain flexible with our bias with a break above 1.54 eyeing subsequent resistance targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.

Key Threshold Grid

Entry/Exit Targets

Timeframe

Level

Significance

Resistance Target 1

30min

1.5309

38.2% Retracement

Resistance Target 2

30min

1.5350

61.8% Retracement

Resistance Target 3

30min

1.5375

Soft Resistance / Pivot

Bearish Invalidation

30min / Daily

1.54-1.5407

50% & 38.2% Retracements

Break Target 1

30min

1.5449

38.2% Retracement

Break Target 2

30min

1.5475

Soft Resistance / Pivot

Break Target 3

30min

1.5508

23.6% Retracement

Break Target 4

30min

1.5550

Soft Resistance / Pivot

Break Target 5

Daily

1.5585

50% 2009 Retracement

Support Target 1

30min

1.5283

78.6% Retracement

Support Target 2

30min

1.5250

Soft Support / Pivot

Bullish Invalidation

Daily / 30min

1.5218

50% Retracement

Break Target 1

Daily / 30min

1.5186-1.5195

23.6% Retrace / March 23 Low

Break Target 2

30min

1.5155

Soft Support / Pivot

Break Target 3

30min

1.5127

61.8% Retracement

Average True Range

Daily

111

Profit Targets 25-27

Reviews today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

Introduction to Scalping Strategies Webinar

Beginner Fibonacci Expo Presentation

New To Forex? Watch this Video

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

DISCLOSURES