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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
  • DoJ are reportedly examining if Tether misled banks about Crypto business
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.64%, while traders in Wall Street are at opposite extremes with 72.03%. See the summary chart below and full details and charts on DailyFX:
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open! -
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.33% 🇯🇵JPY: 0.19% 🇪🇺EUR: 0.13% 🇳🇿NZD: 0.05% 🇨🇦CAD: 0.04% 🇦🇺AUD: -0.05% View the performance of all markets via
  • Weekly Strategy Webinar starting in 15mins on DailyFX!!
  • Please join @MBForex at 8:30 EST/12:30 GMT for your weekly scalping webinar. Register here:
  • BoE's Vlieghe reiterates view that inflation peak is likely temporary $GBP
  • Goldman Sachs lowers Q3 US GDP forecast to 8.5% from 9.5%
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min)
Sterling Price Outlook: GBP/USD Bears Grind into Trend Support

Sterling Price Outlook: GBP/USD Bears Grind into Trend Support

Michael Boutros, Strategist

The British Pound is down more than 3.8% against the US Dollar from the March highs with Sterling now testing key structural support of the formation we’ve been tracking since the December lows. These are the updated targets and invalidation levels that matter on the GBP/USD charts this week. 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 - Sterling

Technical Outlook: In my latest GBP/USD Weekly Price Outlook we noted that Sterling had,broken a multi-week consolidation pattern with the decline now approaching broader pitchfork support. From a trading standpoint, the immediate risk is lower but we’re looking for a reaction on a stretch into structural support.” Price is testing this slope today and leaves the short-bias vulnerable near-term while above the lows.

A break / close below this trendline is needed to keep the focus lower with such a scenario targeting confluence support 1.2788/98 – a region defined by the 61.8% retracement of the yearly range and the 100% extension of the decline off the yearly highs. Initial resistance stands at the 100 / 200 -day moving averages at 1.2960 backed by near-term bearish invalidation at the 1.30-handle.

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

GBP/USD 240min Price Chart

GBP/USD Price Chart - British Pound vs US Dollar - Sterling 240minute

Notes: A closer look at price action shows Sterling trading into this longer-term slope with price loosely holding this descending channel off last week’s high. A downside break from here keeps the focus on 1.2798. Initial resistance stands with the channel backed by 1.2960 and 1.30- both levels of interest for possible exhaustion. Ultimately a topside breach of the April open at 1.3036 would be needed to mark resumption of the broader uptrend. Keep in mind we have the BoE and FOMC interest rate decisions on tap next week.

Learn how to Trade with Confidence in our Free Trading Guide

Bottom line: Sterling is testing BIG slope support here and leaves the immediate short-bias vulnerable while above today’s low. From a trading standpoint, a good spot to reduce short-exposure / lower protective stops. Look for failure ahead of the 1.30-handle if price is indeed heading lower.

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

GBPUSD Trader Sentiment - British Pound vs US Dollar Price Chart - Sterling Positioning
  • A summary of IG Client Sentiment shows traders are net-long GBP/USD- the ratio stands at +2.82 (73.8% of traders are long) – bearishreading
  • Traders have remained net-long since March 26th; price has moved 2.3% lower since then
  • Long positions are3.2% lower than yesterday and 3.3% lower from last week
  • Short positions are 6.8% lower than yesterday and 0.7% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Sterling prices may continue to fall. Traders are further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias from a sentiment standpoint.

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


Relevant UK / US Economic Data Releases

UK / US Economic Data 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.