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
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
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
Gold
Bearish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • CHF Switzerland Aug Exports MM Actual: -4.4% Previous: -1.2% Imports MM Actual: 1.0% Previous: -0.5% Swiss Watch Exports YY Actual: 1.5% Previous: 4.7%
  • European Opening Calls: From IG #FTSE 7299 -0.20% #DAX 12384 -0.04% #CAC 5621 +0.01% #IBEX 9046 +0.16% #STOXX 3529 +0.03%
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/72SjAaa27X
  • My trading video for today: $Dollar and S&P 500 Strategy for the #FOMC Rate Decision' https://www.dailyfx.com/forex/video/daily_news_report/2019/09/19/Dollar-and-SP-500-Steady-After-Fed-Cut-Monetary-Policy-Remains-Top-Concern.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • How can you avoid #FOMOintrading with easy seven steps to creating a trading plan? Find out from @RichardSnowFX here: https://t.co/y2UvtIRZAG https://t.co/mBzJBviQDO
  • 🇯🇵 (JPY) All Industry Activity Index (MoM) (JUL), Actual: 0.2% Expected: 0.2% Previous: -0.7% https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.35%, while traders in France 40 are at opposite extremes with 83.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SXDGRBOC4e
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (JUL) due at 04:30 GMT (15min), Actual: N/A Expected: 0.2% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2019-09-19
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.53% 🇨🇭CHF: 0.10% 🇪🇺EUR: 0.06% 🇬🇧GBP: -0.04% 🇳🇿NZD: -0.08% 🇦🇺AUD: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FYKlVlhoR3
  • Heads Up: 🇯🇵 (JPY) All Industry Activity Index (MoM) (JUL) due at 04:30:00 GMT (15min) Expected: 0.2% Previous: -0.8%
GBP/USD Rebound Stalls at Former Support- Bearish RSI Break in Focus

GBP/USD Rebound Stalls at Former Support- Bearish RSI Break in Focus

2015-02-26 17:05:00
David Song, Currency Strategist
Share:

Talking Points:

- GBP/USD Struggles to Retain Bullish RSI Momentum Ahead of BoE Meeting.

- EUR/USD Retail Crowd Turns Net-Long Ahead of March Despite Bearish Break.

- USDOLLAR Holds Monthly Opening Range Ahead of Preliminary 4Q GDP Report.

For more updates, sign up for David's e-mail distribution list.

GBP/USD

GBP/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Lack of momentum to break/close above former support zone around 1.5510-1.5550 may highlight a near-term top especially as the RSI struggles to retain the bullish momentum from earlier this year.
  • Despite expectations of seeing the Bank of England (BoE) retain its current policy at the March 5 meeting, may see a bullish reaction in sterling as Governor Mark Carney continues to prepare U.K. household and businesses for higher borrowing-costs.
  • A break back below 1.5300 (23.6% retracement) to 1.5320 (78.6% retracement) to negate bullish GBP/USD and raises the risk for a resumption of the bearish trend.

EUR/USD

EUR/USD Daily Chart
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd has now turned net-long EUR/USD following the slew of U.S. data from earlier this morning; seeing higher opening interest going into the end of the month.
  • The break of the wedge/triangle favors the approach to ‘sell-bounces’ in EUR/USD as the RSI retains the bearish momentum; may see the European Central Bank (ECB) interest rate decision on March 5 act as a fundamental catalyst for a further decline in EUR/USD should President Mario Draghi show a greater willingness to further embark on the easing cycle.
  • Close below 1.1185 (23.6% expansion) to 1.1210 (61.8% retracement) raises the risk for fresh yearly lows in EUR/USD.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: USD/CAD On Shaky Ground?

Scalping AUD/USD Opening Range Break- 7850 Support

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11818.05

11823.54

11737.29

0.58

145.57%

GBP/USD Rebound Stalls at Former Support- Bearish RSI Break in FocusUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar looks poised to retain the bullish trend going into March as it holds the monthly opening range, while the RSI threatens the bearish momentum.
  • Despite the sticky CPI prints, a marked downward revision in the 4Q U.S. Gross Domestic Product (GDP) report may keep the greenback largely range-bound going into the end of the month.
  • Failure to test 11,721 (38.2%) keeps the bullish setup intact, but need a close below 11,826 (61.8% expansion) to expose the next level of interest around 11,901 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Consumer Price Index (MoM) (JAN)

13:30

-0.6%

-0.7%

Consumer Price Index (YoY) (JAN)

13:30

-0.1%

-0.1%

Consumer Price Index ex Food/Energy (MoM) (JAN)

13:30

0.1%

0.2%

Consumer Price Index ex Food/Energy (YoY) (JAN)

13:30

1.6%

1.6%

Consumer Price Index n.s.a. (JAN)

13:30

233.680

233.707

Consumer Price Index Core s.a. (JAN)

13:30

239.670

239.871

Durable Goods Orders (JAN)

13:30

1.6%

2.8%

Durable Goods Orders ex Transportation (JAN)

13:30

0.5%

0.3%

Non-Defense Capital Goods Orders ex Aircrafts (JAN)

13:30

0.3%

0.6%

Non-Defense Capital Goods Shipments ex Aircrafts (JAN)

13:30

0.2%

-0.3%

Initial Jobless Claims (FEB 21)

13:30

290K

313K

Continuing Claims (FEB 14)

13:30

2395K

2401K

FHFA House Price Index (MoM) (DEC)

14:00

0.5%

0.8%

House Price Purchase Index (QoQ) (4Q)

14:00

--

1.40%

Kansas City Fed Manufacturing Activity (FEB)

16:00

3

1

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES

News & Analysis at your fingertips.