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
Bullish
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
Mixed
Gold
Mixed
GBP/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
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.38% Oil - US Crude: 0.18% Gold: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Rh2ATYRz6A
  • #Bitcoin Price Forecast: #Coinbase IPO May Fuel BTC's Push to Record Highs - https://www.dailyfx.com/forex/market_alert/2021/04/13/Bitcoin-Price-Forecast-Coinbase-IPO-May-Fuel-BTCs-Push-to-Record-Highs.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $BTC #CoinbaseIPO https://t.co/3iRPfZsswt
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.03% 🇪🇺EUR: -0.09% 🇨🇦CAD: -0.09% 🇨🇭CHF: -0.17% 🇯🇵JPY: -0.18% 🇳🇿NZD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/89nLQYaP9j
  • Chinese Q1 exports rise 38.7% y/y in Yuan terms, imports up 19.3% y/y and trade surplus at 759.3b Yuan -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.78%, while traders in Germany 30 are at opposite extremes with 75.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qyG3FM0e7r
  • Update on #Cryptocurrencies #BITCOIN +0.95% #BITCOINCASH -1.51% #ETHEREUM +0.76% #RIPPLE +8.21% #LITECOIN +0.83%
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/Wuzmi2C95V
  • Stocks on Wall Street retreated from record highs while Treasury yields climbed following smooth bond auctions. The Hang Seng and ASX 200 indexes are poised to gain slightly ahead of Chinese trade data. https://www.dailyfx.com/forex/market_alert/2021/04/13/SP-500-Pauses-Record-Rally-Hang-Seng-and-ASX-200-Drift-Higher.html https://t.co/elDSHDBIgJ
  • Wall Street Futures Update: Dow Jones (+0.03%) S&P 500 (+0.01%) Nasdaq 100 (-0.01%) [delayed] -BBG
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/ns6TUdfkEA
GBPUSD Bull Trend Remains Under Threat as Brexit Negotiations Continue

GBPUSD Bull Trend Remains Under Threat as Brexit Negotiations Continue

David Song, Strategist

British Pound Talking Points

The British Pound struggles to hold its ground even though the U.K. lawmakers push through new legislation to block a no-deal Brexit, and GBP/USD may continue to threaten the upward trend from earlier this year as the bearish momentum appears to be gathering pace.

Image of daily change for major currencies

GBPUSD Bull Trend Remains Under Threat as Brexit Negotiations Continue

Image of daily change for gbpusd rate

The U.K. House of Commons voted 313 to 312 to avoid leaving the European Union (EU) without a deal, with the new bill now on its way to the House of Lords for the final seal of approval.

The development ultimately forces Prime Minister Theresa May to request an Article 50 extension as the April 12 deadline quickly approaches, and the deadlock may continue to produce headwinds for the British Pound as there remains little support in Parliament for a second referendum.

Image of DailyFX economic calendar

In turn, the slew of data prints due out next week may do little to influence the near-term outlook for GBP/USD as the monthly update to the U.K. Gross Domestic Product (GDP) report is anticipated to show economic activity growing a mere 0.2% in February, but the recent pick up in British Pound volatility appears to be shaking up market participation amid an ongoing shift in retail interest.

Image of IG client sentiment for gbpusd rate

The IG Client Sentiment Report shows 68.6% of traders are still net-long GBP/USD compared to 65.8% at the end of last week, with the ratio of traders long to short at 2.18 to 1. Keep in mind, traders have been net-long since March 26 when GBP/USD traded near 1.3200 handle even though price has moved 1.0% lower since then.

The number of traders net-long is 20.3% higher than yesterday and 11.0% higher from last week, while the number of traders net-short is 20.8% lower than yesterday and 2.2% lower from last week. The decline in net-short exposure is likely a result of profit-taking behavior as GBP/USD gives back the advance from earlier this week, and it seems as though the retail crowd is attempting to trade the range-bound price action carried over from late-February amid the jump in net-long interest.

However, a further shift in retail interest may warn of a broader change in GBP/USD behavior, with recent developments raising the risk for a further decline in the exchange rate as the exchange rate falls back towards channel support. At the same time, recent developments in the Relative Strength Index (RSI) suggest the bearish momentum is gathering pace is the oscillator extends the downward trend carried over from the previous month.

Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups.

GBP/USD Rate Daily Chart

Image of gbpusd daily chart
  • The broader outlook for GBP/USD is no longer bullish as both price and the Relative Strength Index (RSI) threaten the upwards trends from late last year, and the advance from the 2019-low (1.2373) may continue to unravel following the string of failed attempts to close above the Fibonacci overlap around 1.3310 (100% expansion) to 1.3370 (78.6% expansion).
  • Failure to extend the recent series of higher highs & lows brings the 1.2950 (23.6% retracement) to 1.3000 (61.8% retracement) area back on the radar, with the next region of interest coming in around 1.2880 (50% retracement) to 1.2890 (23.6% expansion).

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES