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
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.44% 🇦🇺AUD: 0.20% 🇪🇺EUR: 0.04% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.18% 🇨🇦CAD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XXzkPbgClH
  • The US 10 Year Treasury yield has continued to decline, now at 1.15% $ZN #Trading https://t.co/HdcjskFwi3
  • Crude oil getting whacked today with prices down -4% on the session. Currently probing its 50-day moving average with subsequent support appearing at the psychological $70.00/bbl level before traders eye July lows. Link to Analysis - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/31/crude-oil-forecast-price-action-mired-by-shaky-risk-appetite.html #OOTT $CL_F $USO https://t.co/1CkmlXdPQa
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: 0.04% FTSE 100: -0.17% France 40: -0.19% Germany 30: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hke8hL7JK2
  • The recent decline in USD/CAD appears to be stalling as it struggles to extend the series of lower highs and lows from the previous week. Get your $USDCAD market update from @DavidJSong here:https://t.co/937N1stI8E https://t.co/M85BaWAn4a
  • Nasdaq levels I outlined this morning and will be watching throughout the week following the 'goldilocks' manufacturing report from @ISM. Risk appetite now focused on covid trends + services PMI and NFPs due. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/08/02/nasdaq-fluctuates-following-rosy-ism-manufacturing-report.html $NDX $QQQ #StockMarket https://t.co/RrMlnb8deB
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.39% 🇯🇵JPY: 0.38% 🇳🇿NZD: 0.19% 🇨🇭CHF: 0.07% 🇬🇧GBP: 0.01% 🇨🇦CAD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6HWFio3Xfm
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.89% FTSE 100: 0.70% Wall Street: 0.42% US 500: 0.37% Germany 30: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/p8FYAQk52r
  • 🇲🇽 Markit Manufacturing PMI (JUL) Actual: 49.6 Previous: 48.8 https://www.dailyfx.com/economic-calendar#2021-08-02
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.08% Silver: -0.15% Oil - US Crude: -1.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SBDzWJasKB
GBP/USD Strategy: Short Trade Triggered Below 1.52

GBP/USD Strategy: Short Trade Triggered Below 1.52

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.5157
  • Pound Looks Likely to Extend Down Move as Prices Break September Low
  • Short Position Triggered Below 1.52, Aiming for a Decline to 1.50 Figure

The British Pound looks likely to continue to lower against the US Dollar after prices pierced support at September’s swing bottom. Prices resumed downward momentum after retesting rising trend line support-turned-resistance set from early May.

Near-term support is now at 1.5003, the 100% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a test of the 123.6% level at 1.4848. Alternatively, a turn back above the 1.5157-67 area marked by the September 4 close and the 76.4% Fib clears the way for a challenge of the 61.8% expansion at 1.5253.

We booked profit on our GBPUSD short position from 1.5500 as the latest corrective upswing began. Positioning now looks attractive to re-enter the trade and we have sold the pair at 1.5157, initially targeting 1.5003. A stop-loss will be activated on a daily close above 1.5167. We will take profit on half of the trade and trail the stop-loss to the breakeven level once the first objective is met.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Strategy: Short Trade Triggered Below 1.52

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

DISCLOSURES