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
GBP/USD
Bearish
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
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
GBPUSD Outside Day Reversal Clears Range- Short Scalps Favored

GBPUSD Outside Day Reversal Clears Range- Short Scalps Favored

Michael Boutros, Strategist

Talking Points

GBPUSD Daily

GBPUSD Outside Day Reversal Clears Range- Short Scalps Favored

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPUSD posts outside day reversal candle / false break above upper MLP
  • Reversal takes out weekly opening range low / breaks below January median line- bearish
  • Key support at highlighted region into 1.5359
  • Resistance at 1.5673 backed by bearish invalidation at 1.57 & 1.5773
  • Daily RSI break sub 50- bearish
  • Event Risk Ahead: UK 2Q Advanced GDP & FOMC next week

GBPUSD 30min

GBPUSD Outside Day Reversal Clears Range- Short Scalps Favored

Notes: An outside day reversal candle in the Sterling has broken below the weekly opening range low and shifts the focus to the short side of the pound. Note that price has also now broken back below the median-line extending off the January low with daily RSI also breaking below the 50-threhsold (bearish near-term). Interim support rests at 1.5502 with subsequent objectives eyed at 1.5462, 1.5420 & the July low-day close (LDC) at 1.5359.

Interim resistance stands at 1.5543 backed by our near-term bearish invalidation level upper MLP / 1.5582. A breach above the 1.57-handle would be needed to put the long-side back into focus with such a scenario eyeing the May HDC at 1.5774. A quarter of the daily average true range yields profit targets of 28-30pips per scalp. Event risk on the pair is limited until next week with release of UK 2Q GDP figures & the FOMC policy meeting likely to fuel added volatility in their respective crosses.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

GBPUSD Outside Day Reversal Clears Range- Short Scalps Favored

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex,contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 12:30 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