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.

Free Trading Guides
EUR/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
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
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
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.82% Gold: 0.48% Oil - US Crude: -3.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H5md2j1fC1
  • Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/oqAjsNXNBY
  • Worth going along to...👍👍👍 #charts #technicalanalysis Click the link below 👇👇👇 https://t.co/At4Kj3vyOK
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.49% 🇯🇵JPY: 0.46% 🇦🇺AUD: 0.39% 🇳🇿NZD: 0.19% 🇨🇦CAD: 0.17% 🇬🇧GBP: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AgsGuOjCpX
  • EU is set to express grave concern over China's recent actions with regard to Hong Kong
  • 🇬🇧 Gfk Consumer Confidence Final Actual: -34 Expected: -34 Previous: -33 https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇵🇹 GDP Growth Rate YoY Final Actual: -2.3 Expected: -2.4% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇵🇹 GDP Growth Rate QoQ Final Actual: -3.8 Expected: -3.9% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.10% Wall Street: 0.01% France 40: -1.00% FTSE 100: -1.11% Germany 30: -1.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PQvHUdi6ES
  • Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead More details in the link: https://www.dailyfx.com/forex/technical/article/special_report/2020/05/29/Bitcoin-Forecast-BTCUSD-Price--Move-Higher-Hinted-Ahead-MK.html?CHID=9&QPID=917714 https://t.co/TdOlmm2Cit
GBP/USD on the Defensive Ahead of UK Employment / Budget Statement

GBP/USD on the Defensive Ahead of UK Employment / Budget Statement

2016-03-15 19:14:00
Michael Boutros, Strategist
Share:

Talking Points

  • GBPUSD on the defensive ahead of UK Employment / Budget Statement / FOMC
  • Immediate focus lower- broader bullish invalidation at median-line support
  • Updated targets & invalidation levels

GBPUSD 30min

GBP/USD on the Defensive Ahead of UK Employment / Budget Statement

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: Sterling reversed off key confluence resistance on Friday with the pullback breaking below channel support today, keeping the immediate short-bias in focus heading into tomorrow’s UK employment report and the subsequent budget statement by Chancellor of the Exchequer George Osborne. Interim support rests at 1.4131/35 backed by the 61.8% retracement at 1.4064 & 1.4031. That said, we’ll be looking for a low in price this week in the exchange rate with the broader bias remaining weighted to the topside while above the lower median-line parallel (blue) currently around ~1.3945/50.

Interim resistance stands at 1.4205 with a breach above basic trendline resistance off the weekly high needed to clear the way for the resumption of the broader advance off the yearly low. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

GBP/USD on the Defensive Ahead of UK Employment / Budget Statement
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since November 19, with positioning climbing to an extreme in January as the ratio pushed above +3.00.
  • Retail FX sentiment continues to move away from recent extremes as the ratio narrows to +1.81, with 64% of traders now long.

Why and how do we use the SSI in trading? View our video and download the free indicator here

Relevant Data Releases This Week

GBP/USD on the Defensive Ahead of UK Employment / Budget Statement

Other Setups in Play:

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

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

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.