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
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $SPX at a big spot current res from group of prior swing lows ~3296-3309 sup from the prior june high 3232 $ES $SPY https://t.co/iyTsLeQQx4
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.14% 🇯🇵JPY: -0.29% 🇳🇿NZD: -0.41% 🇨🇭CHF: -0.50% 🇦🇺AUD: -0.55% 🇬🇧GBP: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4r2O1Puovi
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.23% FTSE 100: 1.03% France 40: 0.61% US 500: 0.24% Wall Street: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rgsStCX1Si
  • $EURUSD Outlook - via @DailyFX: - Euro extends its slide after breaching 50DMA - EUR/USD hitting fresh monthly lows as volatility rises - EUR now tests a critical support level around 1.1700 Link to Full Analysis: https://www.dailyfx.com/forex/market_alert/2020/09/22/eur-usd-price-outlook-euro-extends-slide-to-probe-support-zone.html #FX #Forex #Trading https://t.co/mPgHsRKIAk
  • What is seasonal change in volatility. Are we going through one right now? Find out: https://t.co/G0qfpOmMl2 https://t.co/CFeAHvbFYB
  • Coming up on Fed Chair Powell's testimony. I doubt it will be a complacent, rosy outlook from the central banker. What kind of state are the markets in to receive a dose of cold reality?
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.91% Gold: 0.06% Silver: -1.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/e9DSxPTBLA
  • Heads Up:🇺🇸 Fed Chair Powell Testimony due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • 💶 Consumer Confidence Flash (SEP) Actual: -13.9 Expected: -14.6 Previous: -14.7 https://www.dailyfx.com/economic-calendar#2020-09-22
  • 🇺🇸 Existing Home Sales MoM (JUL) Actual: 2.4% Expected: 2.4% Previous: 24.7% https://www.dailyfx.com/economic-calendar#2020-09-22
GBP/USD Strategy: Short Position Entered Above 1.53 Mark

GBP/USD Strategy: Short Position Entered Above 1.53 Mark

2015-10-30 07:41:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.5322
  • Pound Down Trend May Be Resume After Prices Break Counter-Trend Line
  • Short Position Now in Play, Targeting Move Below 1.53 Figurevs. US Dollar

The British Pound may be readying to resume the down trend against the US Dollar after prices broke through counter-trend line support set from late September.

A daily close below the 38.2% Fibonacci expansion at 1.5237 opens the door for a challenge of the 50% level at 1.5153. Alternatively, a push back above the 23.6% Fib at 1.5341 – now acting as resistance – clears the way for a test of 1.5405, the intersection of the 14.6% expansion and a falling trend line capping gains since late August.

Risk/reward considerations argued against a trade in the immediate aftermath of the counter-trend line break, but a corrective bounce has now realigned positioning. We will enter short, initially targeting 1.5237. A stop-loss will be activated on a daily close above 1.5405. We will take profit on half of the position and trail the stop-loss to breakeven when the first objective is met.

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

GBP/USD Strategy: Short Position Entered Above 1.53 Mark

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

DISCLOSURES