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
  • Nasdaq Ekes Out Small Gain As Focus Turns to FOMC, Uber Flies On Bullish Guidance $NDX $UBER #trading #FED https://t.co/1uL1Ao3o3v
  • Fedex Q1 Results: Revenues: $22.0B vs. $21.8B est. EPS $4.37 vs. $4.92 est. $FDX down roughly 2.25% AH
  • In this week's Macro Setup @CVecchioFX, discusses with @RiskReversal and @GuyAdami, news regarding property developer Evergrande weighing down US financial markets, and September's Fed meeting impact on assets. Tune into the markets now!https://t.co/dBgjbpXLXL https://t.co/WXLoq1O1PL
  • Copper demand continues to outstrip supply, according to the recent update from the International Copper Study Group. Get your $XAG market update from @CVecchioFX here:https://t.co/23ii112k1E https://t.co/xHZfC2sffQ
  • China to be carbon-neutral by 2060; country will stop building coal-powered projects abroad - BBG
  • Curious to know if this is because a) bailout by Beijing is still widely viewed as the base case scenario if contagion materializes and/or b) recent backstops implemented globally to curb financial market fallout have effectively supplanted left tail risk https://t.co/cFSXtb1WfQ
  • video uploaded from today's webinar https://t.co/CCrY3mYRjL
  • WTI crude rebounded nicely from session lows, now trading at $70.50 $CL #Oil #OOTT https://t.co/ik3wfuGZZe
  • RT @ZabelinDimitri: Regarding the Fed dot plot⬇️ "If another two officials were to move up their expectations for a rate increase into 2022…
  • Tonight will see Chinese markets open after a two day closure to observe mid-Autumn festival. Naturally, there will be increased focus and volatility given the current backdrop of Evergrande default concerns. Get your market update from @JMcQueenFX here:https://t.co/ky6vpyMup7 https://t.co/7TyDu8rl14
GBPUSD Reversal Pauses at Resistance- Longs Favored Above 1.5170

GBPUSD Reversal Pauses at Resistance- Longs Favored Above 1.5170

Michael Boutros, Strategist

Talking Points

GBP/USD Daily

GBPUSD Reversal Pauses at Resistance- Longs Favored Above 1.5170

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD testing resistance confluence just below 1.53
  • Key daily support 1.5083 / December median line (blue)
  • Multiple daily RSI resistance triggers pending- breach would be constructive
  • Resistance breach targets 1.5324, 1.5383/93
  • Event Risk Ahead: US CPI, Industrial Production & University of Michigan on Friday

GBP/USD 30min

GBPUSD Reversal Pauses at Resistance- Longs Favored Above 1.5170

Notes:GBPUSD made a clean break of the weekly opening range last night shifting the scalp bias to the long-side while above the 1.5171/75 threshold. Key near-term resistance stands at the confluence of the upper median-line parallel (blue), the 38.2% retracement off the December 31st high and the 100% extension of the advance off the lows at 1.5236/56. Long scalps into this region are at risk with a topside breach clearing the way for further advances towards 1.54.

Bottom-line: looking for another high with our scalp bias weighted to the topside. A break below our bullish invalidation level at 1.5171/75 risks a re-test of the weekly opening range low & key support at 1.5080. Caution is warranted heading into the end of the week with key US inflation, production and sentiment data on Friday likely to fuel added volatility in USD based pairs.

* 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.

Relevant Data Releases

GBPUSD Reversal Pauses at Resistance- Longs Favored Above 1.5170

Other Setups in Play:

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

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

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

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 13:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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

DISCLOSURES