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
Wall Street
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
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • 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:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
GBP/USD Pushing Higher But May Need to Consolidate

GBP/USD Pushing Higher But May Need to Consolidate

Nick Cawley, Strategist

Sterling News/ Talking Points

- GBPUSD trades at highs last seen on Brexit day as the US dollar slumps.

- The European Union Withdrawal Bill – Brexit Bill - will be debated in the House of Commons this week.

Check out our new Trading Guides: they’re free and have been updated for the fourth quarter of 2017

GBPUSD Continues to Push Ahead, Aided by a Weak US Dollar

The British Pound rally continues apace, especially against a weak US dollar, aided in part by slightly more positive Brexit talk coming out of Europe. At the end of last week Dutch and Spanish officials both made it known that they would like a ‘soft’ Brexit, to help keep the UK onside in the upcoming trade agreements. In addition, Luxembourg PM Xavier Bettel said the EU should adopt a softer approach on the financial services sector, calling for ‘pragmatism’ from both sides during the ongoing discussions. UK PM Theresa May will also meet French PM Macron on Thursday at a summit in South England

On Tuesday and Wednesday the European Union Withdrawal Bill will be discussed in the House of Commons, where the government hold a small majority. The bill is expected to pass before it goes to the House of Lords at the end of January, where the majority of the chamber are anti-Brexit, and expectations are high that changes will be needed to be made if the bill is to be passed.

GBPUSD touched a high of 1.3770 Monday, levels last seen on June 24 2016, the day after the UK voted to leave the European Union. The latest move has also been given extra fuel this year as the US dollar continues to weaken, despite the prospect of three US interest rate hikes in 2018. The US Dollar Index (DXY) currently trades around a three-year low of 90.15.

GBPUSD Price Chart Daily Timeframe (May, 2017 – January 15, 2018)

GBP/USD Pushing Higher But May Need to Consolidate

Chart by IG

GBPUSD – Traders Remain Short of Sterling

IG Client Sentiment data shows 35.9% of traders are net-long GBPUSD with the ratio of traders short to long at 1.78 to 1. In fact, traders have remained net-short since Dec 28 when GBPUSD traded near 1.33732; price has moved 2.9% higher since then. The number of traders net-long is 17.5% higher than yesterday and 5.1% lower from last week, while the number of traders net-short is 0.9% lower than yesterday and 4.7% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.

Traders Resource Center

The Traits of Successful Traders and how to find the Number One Mistake Traders Make are just two of the topics covered in ourFree Trading Guides. We also have a comprehensive section on Trading as a Business in the DailyFX University Expert Section, a wide range of Daily Technical Reports and Support and Resistance Levels.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

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