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
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/6NLFoLgfs0
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇯🇵JPY: 0.10% 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.09% 🇬🇧GBP: 0.02% 🇨🇭CHF: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIHMI8cSUG
  • 🇪🇸 GDP Growth Rate QoQ Final (Q1) Actual: -0.4% Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇪🇸 GDP Growth Rate YoY Final (Q1) Actual: -4.2% Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.37% Wall Street: 0.29% Germany 30: 0.28% US 500: 0.21% FTSE 100: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mQrUIe36of
  • 🇫🇷 Business Confidence (JUN) Actual: 107 Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate QoQ Final (Q1) due at 07:00 GMT (15min) Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate YoY Final (Q1) due at 07:00 GMT (15min) Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇫🇷 Business Confidence (JUN) due at 06:45 GMT (15min) Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/FMNgFqNlSI
Sterling Price Outlook: British Pound Rally Testing Key Resistance

Sterling Price Outlook: British Pound Rally Testing Key Resistance

Michael Boutros, Strategist

The British Pound is virtually unchanged against the US Dollar since the start of February despite a monthly range of more than 2.6%. The recent recovery in price now takes Sterling back towards the monthly highs the focus on a key resistance barrier just higher. These are the updated targets and invalidation levels that matter on the GBP/USD charts heading into the close of the month. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

GBP/USD Daily Price Chart

GBP/USD Price Chart - British Pound vs US Dollar Daily

Technical Outlook: In my latest GBP/USD Weekly Technical Outlook we noted that a three-week decline had, “taken Sterling back towards yearly open support and leaves the immediate short-bias vulnerable while above 1.2738.” Price registered a low at 1.2773 that week before reversing higher with the advance now eyeing the February opening-range high / monthly-open resistance at 1.3107/15. A breach / close above this zone is needed to keep the recovery viable with near-term bullish invalidation now raised to 1.2985.

Learn how to Trade with Confidence in our Free Trading Guide

GBP/USD 120min Price Chart

GBP/USD Price Chart - British Pound vs US Dollar 120min

Notes: A closer look at price action shows Sterling trading within the confines of an ascending pitchfork formation extending off the monthly lows with price truing from confluence support on Friday at 1.2959/85 – Weakness beyond this threshold would shift the focus lower with such a scenario targeting the lower parallel / 100-day moving average at ~1.2878. Initial resistance stands at 1.3107/15 with a topside breach exposing the upper parallel / 38.2% retracement at 1.3181- look for a bigger reaction there IF reached.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Bottom line: Sterling has come full-circle and is trading just below monthly-open resistance. IF price is heading higher, intra-day losses should be limited to 1.2960 with a topside breach above the February range-highs needed to mark resumption of the mid-month recovery targeting 1.3181.From a trading standpoint, a good place to reduce long-exposure and raise protective stops - be on the lookout for exhaustion on a move towards the median-line. A break below this formation would shift the focus back towards the yearly open at 1.2754.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

GBP/USD Trader Sentiment

GBP/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long GBP/USD - the ratio stands at +1.12 (52.9% of traders are long) – weak bearishreading
  • Long positions are 8.2% higher than yesterday and 14.2% lower from last week
  • Short positions are 5.6% higher than yesterday and 19.7% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Traders are more net-long than yesterday but less net-long from last week and the combination of current positioning and recent changes gives us a further mixed GBP/USD trading bias from a sentiment standpoint.

See how shifts in GBP/USD retail positioning are impacting trend- Learn more about sentiment!

---

Relevant GBP/USD Data Releases

GBP/USD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES