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 Download
EUR/USD
Bullish
GBP/USD
Bearish
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
Gold
Bearish
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
Bitcoin
Bullish
More View more
Real Time News
  • The #ASX 200 stock index hit record highs this year but those days seem unlikely to return anytime soon as even equity buckles before the #coronavirus outbreak. Get your market update from @DavidCottleFX here: https://t.co/HlZhPBsZ6X https://t.co/Rvfnt44wTm
  • Housing data may be more heavily scrutinized in 2020 as softer global growth places more stress on the consumer to keep the American economy afloat. Get your market update from @ZabelinDimitri here: https://t.co/ms4EGbJ1WF https://t.co/EOwX7DLGZZ
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/k1USOdlHiR
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/6l6t02a61R
  • The $NZD may fall versus the Australian Dollar on a more-dovish #RBNZ down the road. “Risk-neutral” AUD/NZD has been maintaining composure as stocks sell off on coronavirus fears. Get your NZD market update from @ddubrovskyFX here: https://t.co/3OtpuHRHBv https://t.co/wYiiLdtmur
  • #Copper prices are rapidly approaching a 17-year uptrend as concern about the #coronavirus threatens to thwart global stabilization and demand for the growth-oriented commodity. Get your market update from @ZabelinDimitri here:https://t.co/2RbfvVZOxX https://t.co/m3EJI8sksF
  • My trading video for the weekend: 'S&P 500, Yen, Gold - A Lot Rides On Weekend Appeals and Monday's Open' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/29/SP-500-Yen-Gold---A-Lot-Rides-On-Weekend-Appeals-and-Mondays-Open.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • The $USD technical outlook is still pointing higher against the Malaysian Ringgit and Philippine Peso following near-term weakness. What is the road ahead for USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/IQUjFt8CVE https://t.co/8rSTyzBf9U
  • That is....that is not good. I am frankly shocked they let a number like that print https://t.co/HauBmn8w3X
  • The $NZD may fall versus the Australian Dollar on a more-dovish RBNZ down the road. “Risk-neutral” AUD/NZD has been maintaining composure as stocks sell off on coronavirus fears. Get your @ddubrovskyFX here: https://t.co/3OtpuHRHBv https://t.co/zW4D14QGVT
Attractive Levels for GBPUSD Bulls

Attractive Levels for GBPUSD Bulls

2018-05-14 10:08:00
Justin McQueen, Analyst
Share:

GBPUSD Analysis and News

  • GBP bulls may find value at these cheap levels
  • Tomorrows Employment report to dictate near-term direction

See how retail traders are positioning in GBPUSD as well as other major FX pairs on an intraday basis using the DailyFX speculative positioning data on the sentiment page.

Attractive Levels for Long Term GBP Bulls

Over the past month GBP has plunged from post-Brexit highs (1.4377) to the mid-1.34s as the BoE deferred from raising rates in May after a raft of soft data, while the recovery in the USD-index also weighed. However, following the recent pounding, long term GBP bulls may find tactical upside at these relatively cheap levels.

Data Dependent GBP

Last week, the Bank of England signaled that a rate hike in 2018 remains appropriate, subsequently this has heightened the degree of data dependency for GBP. As such, tomorrows employment report will be key for near-term direction, as is usually the case, focus will be on the wage components, whereby the average earnings ex-bonus is expected to tick up to 2.9% from 2.8%, employment growth is seen at a healthy 130k. A robust employment report with better than expected wage data will begin to reignite expectations for an August rate hike which currently stands at a rather low 40%, subsequently a strong labour report could be supportive for GBP longs. Link to live data coverage of tomorrows UK Employment report, click here

Attractive Levels for GBPUSD Bulls

Source: Thomson Reuters

USD Recovery Running Out of Steam

Elsewhere, strength in the US Dollar is losing its momentum given that its rapid rise is running the risk of a near-term pullback. Last week’s CPI disappointment provided the first warning of this as it reigned in expectations for 3 more rate hikes this year, particularly as it follows from the recent FOMC meeting as members signaled that it will not over-react to an inflation overshoot. In turn, the continued easing of the USD gains will likely support GBP in the short, which could be looking to target above 1.3700.

For a more in-depth analysis on Sterling, check out the Q2 Forecast for GBP/USD

GBP/USD CHART: 1-HOUR TIME FRAME (September 2017-May 2018)

Attractive Levels for GBPUSD Bulls

Chart by IG

GBPUSD Technical Levels

Support: 1.3500, 1.3490 (50% Fibonacci Retracement of 1.2603-1.4377 rise) 1.3458 (January 11th low)

Resistance: 1.3596 (Friday’s high), 1.3655 (2017 high), 1.3717 (March 1st low)

RSI indicator pulls out of oversold territory and suggesting a lift higher is on the horizon.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.