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.

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
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
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • RT @FxWestwater: New Zealand Dollar Forecast: Technical Levels for $NZDUSD, $NZDCAD, $NZDJPY Link: https://www.dailyfx.com/forex/technical/article/special_report/2021/04/21/New-Zealand-Dollar-Forecast-Technical-Levels-for-NZDUSD-NZDCAD-NZDJPY.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/IG…
  • Sunshine and rainbows for #Gold bulls at the moment, as yields on 30-year Treasuries validate the downside break of a Descending Triangle and eye a push back below 2.2% Gold’s Double Bottom implies a move to 1835 is on the cards in the near term #GLD #US30Y https://t.co/PSSdOolvlP
  • RT @KyleR_IG: The Aussie 10Y yield: surely this thing has to break lower at some point, especially with bullish sentiment cooling off in gl…
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Find out from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/dhLJjkQEnx
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.12% Silver: 0.05% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fb0rTb7U02
  • RT @BrendanFaganFx: AUD/USD Mixed as Retail Sales Surpass Expectations $AUD $USD Link: https://www.dailyfx.com/forex/market_alert/2021/04/21/AUDUSD-Mixed-as-Retail-Sales-Surpass-Expectations.html
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇨🇦CAD: 0.05% 🇳🇿NZD: 0.02% 🇪🇺EUR: 0.01% 🇬🇧GBP: 0.00% 🇦🇺AUD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KHYBRYg6wf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VNFQudLmfc
  • #USDZAR looking incredibly interesting after breaching the neckline of a Double Top pattern A short-term bounce could be at hand but if 14.50 remains intact, a more extended push lower seems likely in the coming weeks $USDZAR https://t.co/1rHgmX4zyB
  • RT @KyleR_IG: "Retail sales rose 1.4 per cent in March" https://t.co/aM9vXo5s49 #ausbiz
GBP/USD Monthly Range-Break Appears Imminent

GBP/USD Monthly Range-Break Appears Imminent

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

GBP/USD Daily Chart

GBP/USD Price Chart - Daily Timeframe

Technical Outlook: The British Pound has carved out its monthly opening-range just below the 2017 high close at 1.3589 with interim support eyed at the 2018 high-day close at 1.3495. As discussed in this week’s Technical Perspective, seasonal tendencies are pretty heavy for Cable with the daily momentum profile also looking a bit vulnerable here. Ultimately, we’re looking for a break of this range to validate our near-term outlook with the broader bias still weighted to the topside while within this multi-year ascending pitchfork formation / 1.3320.

New to Forex Trading? Get started with this Free Beginners Guide

GBP/USD 240min Chart

GBP/USD Price Chart - 240min Timeframe

Notes: A closer look at price action highlights a proposed pitchfork extending off the highs with price rebounding off the 50-line earlier today. We’ll favor fading strength while below the weekly open at 1.3575 with a break below 1.3456 shifting the focus towards confluence support at the median-line / 38.2% retracement at 1.3389.

A breach of the objective weekly opening-range highs / 1.3589 would keep the broader long-bias in play with such a scenario targeting subsequent resistance objectives at the 2017 high at 1.3658 and the Brexit gap at 1.3675. Bottom line: the risk is lower in sterling but ultimately a larger setback would offer more favorable long-entries while within the broader uptrend. Look for a break / close of the monthly opening-range to get things going.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis mini-series

GBP/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short GBPUSD- the ratio stands at -1.52 (39.6% of traders are long) – weak bullishreading
  • Retail has remained net-short since Dec 28; price has moved 1.1% higher since then
  • Long positions are 3.1% lower than yesterday and 0.2% higher from last week
  • Short positions are 10.1% lower than yesterday and 16.2% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse lower despite the fact traders remain net-short.

See how shifts in GBP/USD retail positioning are impacting trend- Click here to learn more about sentiment!

---

Relevant Data Releases

GBP/USD Economic Calendar

Why does the average trader lose? Avoid these Mistakes in your trading

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES