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
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
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
GBP/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
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 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.86% Gold: 0.81% Oil - US Crude: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nZBu5vyQD6
  • RT @BrendanFaganFx: Bitcoin, Ethereum, Dogecoin Moving Mainstream as Hollywood's Elite Embrace Crypto #Bitcoin #Ethereum $BTC $ETH Link:…
  • Gold is holding steady around a key intersection of resistance. Silver continues to channel its way higher, yet to reach substantial resistance. Get your $XAUUSD market update from @PaulRobinsonFX here:https://t.co/nuspNBlSHj https://t.co/Etgcc29zzI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.36%, while traders in Germany 30 are at opposite extremes with 72.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gJAFKdapzH
  • White House: - We do not believe that unemployment benefits are a significant factor in the fluctuating unemployment figures - President Biden is open to other options to pay for his proposed infrastructure bill
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.50% Wall Street: 1.12% France 40: 0.25% FTSE 100: 0.04% Germany 30: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ab7PKcKx4d
  • Hey traders! There was a note-worthy move from USD and Indices today. Wrap up your week with @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/Z5wmfEGUc0
  • Fed's Kaplan: Because cryptocurrencies lack the same underlying worth like gold, investors must exercise caution
  • Fed's Kaplan: - If supply-demand imbalances persist, there is concern that they will become rooted in inflation expectations - Upon emerging from the pandemic, we should begin to discuss tapering QE
  • Fed's Kaplan: - Fed should discuss tapering sooner rather than later - I am concerned about the economy's excesses and imbalances, as well as the housing sector
GBP/USD: Post Brexit Rebound at Risk Into Bank of England Meeting

GBP/USD: Post Brexit Rebound at Risk Into Bank of England Meeting

Michael Boutros, Strategist

Talking Points

  • GBPUSD immediate long-bias at risk into BoE rate decision
  • Updated targets & invalidation levels

GBPUSD 60min

GBP/USD: Post Brexit Rebound at Risk Into Bank of England Meeting

Chart Created Using TradingView

Technical Outlook: Sterling is trading within the confines of an ascending median-line formation off the lows with the exchange rate turning from the upper parallels today in Europe. Heading into the Bank of England interest rate decision tomorrow, the risk remains for a set-back before moving higher with a general constructive outlook in play while within this formation.

The pair is now testing interim support at 1.3151 with subsequent support objectives at 1.3094 & 1.3036- both areas of interest for possible exhaustion / long-entries. Initial resistance is now eyed at 1.3223 with a breach above the 1.33-handle targeting the 78.6% retracement at 1.3375 & 1.3450. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Deskand 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: Post Brexit Rebound at Risk Into Bank of England Meeting
  • A summary of the DailyFX Speculative Sentiment Index (SSI)shows traders are net long GBPUSD- the ratio stands at +1.22(55% of traders are long)-weakbearishreading
  • Yesterday the ratio was +1.03. Short positions are 12.9% lower than yesterday but 33.5% above levels seen last week.
  • Open interest is 5.1% lower than yesterday and 14.2% above its monthly average.
  • The retail crowd has been net-long since the UK referendum on June 23rd with sentiment hitting an extreme of +2.95 following the vote to leave the EU.
  • The recent pullback from extremes in sentiment highlight the risk for a larger rebound over the near-term, while the broader outlook remains tilted to the downside as trader remain net long.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases This Week

GBP/USD: Post Brexit Rebound at Risk Into Bank of England Meeting

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

---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 DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES