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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
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
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
Bitcoin
Mixed
More View more
Real Time News
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/o4zt4pmSzc
  • The $USDINR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage. Get your market update from @ddubrovskyFX here:https://t.co/iXLf98geXL https://t.co/uVwbkkkl09
  • My weekend trading video: 'A #Dow and Yuan Retreat Could Break 2019's Bullish Complacency' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/14/A-Dow-and-Yuan-Retreat-Could-Break-Break-2019s-Bullish-Complacency.html?CHID=9&QPID=917719
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
  • The #Euro jumped higher to challenge range resistance capping upside progress since mid-October. Signs of ebbing momentum warn it may be back on defense soon. Get your market update from @IlyaSpivak here: https://t.co/MGqVDEWhUD https://t.co/rQRxJAmLWi
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
  • The $NZD is testing resistance guiding the currency lower against its US counterpart for over two years. Will buyers prevail or be rejected yet again? Get your market update from @IlyaSpivak here:https://t.co/hRsbxhwotM https://t.co/ehlbb43gqd
  • very cool, very legal https://t.co/gsOxPiEdIw
Cable Faces Showdown with Theresa May- Brexit Levels to Know

Cable Faces Showdown with Theresa May- Brexit Levels to Know

2017-03-28 16:40:00
Michael Boutros, Technical Strategist
Share:

Talking Points

  • GBPUSD Recovery at risk near-term heading into Brexit talks
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

GBPUSD Daily

GBP/USD Daily Chart

Technical Outlook:Cable broke above the monthly open / opening-range highs last week, keeping our focus higher in the pair. A critical resistance confluence is eyed higher at 1.2675-1.2706 – this region is defined by the 23.6% retracement of the Brexit decline, the 2017 high, the 200-day moving average and the median-line extending off the October 10/25 low. Interim daily support rests at 1.2417/33 where the 2016 low-day close converges on the 100-day moving average and the 50-line. Broader bullish invalidation rests with the monthly open at 1.2380.

GBPUSD 240min

GBP/USD 240min Chart

Notes: A closer look at price action highlights the risk for a near-term pullback in the pair as momentum struggles just below the 70-overbought territory. Initial support rests at the weekly open at 1.2488 backed by 1.2433. From a trading standpoint, the immediate risk is for a pullback off these levels but I’ll favor fading weakness into the lower parallel with a breach higher eying a soft target at basic trendline resistance off the December high (currently ~1.2640 & the key 1.2675-1.2706 threshold.

A quarter of the daily average true range (ATR) yields profit targets of 23-27 pips per scalp. UK Prime Minister Theresa May is expected to trigger article 50-tomorrow, thereby starting the process by which the country will de-couple from the Eurozone. Added caution is warranted with the release likely to fuel increased volatility in the cable crosses. Also keep in mind we are heading into the close of the week, month & quarter on Friday- stay nimble.

---

Relevant Data Releases

Cable Faces Showdown with Theresa May- Brexit Levels to Know

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

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

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

DISCLOSURES

News & Analysis at your fingertips.