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
EUR/USD
Bullish
GBP/USD
Bullish
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
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • Join analyst @DavidJSong at 6:15 PM ET/10:15 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/3QIFzIq6xQ
  • Heads Up: New Zealand’s Performance Services Index (SEP) is due at 21:30 GMT (15 min) Est: N/A Previous: 54.6
  • "To put it simply: this will be a week of tense uncertainty because each decision will likely have radical implications for how #Brexit plans will proceed which will be mirrored in price action in the Pound". See my weekly fundamental forecast here ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2019/10/13/GBP-Braces-For-Brexit-Turmoil-EU-Summit-Will-There-be-a-Deal.html
  • What are the trading lessons every #forex trader should learn when diving into the forex market? Get your free guide here: https://t.co/w77TGnEVwP https://t.co/m5ZMY4ao6F
  • The New York #forex session is one of the most liquid #forextrading sessions. Want to learn to trade in this session? Read up! https://t.co/qDNTKLVhFa https://t.co/tZetcS5Ev7
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/roWhofPtMb
  • $USD price action has edged roughly 1.5% lower since touching year-to-date highs earlier this month and the recent stretch of weakness jeopardizes the US Dollar’s bullish trend. https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/13/usd-price-us-dollar-technical-forecast-eurusd-gbpusd-audusd-usdcad.html
  • RT @C_Barraud: 🇮🇳 World Bank Says #India Faces Severe Slowdown, Cuts GDP Forecast - Bloomberg *India’s gross domestic product growth seen a…
  • Why are Bollinger Bands @bbands and #forex such a good combo? Because forex is a form of pairs trading, each transaction involving a long position in one currency and a short position in another. Find out how you can use it in your trading strategy here: https://t.co/ZuN2xl5GIw https://t.co/G0ByyTvBnT
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/Bf4KXjRYzR
Sterling Price Outlook: GBPUSD and EURGBP Analysis

Sterling Price Outlook: GBPUSD and EURGBP Analysis

2019-04-04 08:05:00
Nick Cawley, Analyst
Share:

GBPUSD and EURGBP Price Analysis:

  • GBPUSD using trend support to aid push higher.
  • EURGBP may re-test lows last seen two weeks ago.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

GBPUSD – Technical Outlook

GBPUSD is nudging higher this week in relatively low vol markets and is now using the recently broken bull trend line as support. Today’s open above trend is a positive signal with the pair also pushing back above the 38.2% Fibonacci retracement level at 1.3177. The pair have also made five higher lows in a row – disregarding Sunday’s candle – off the 1.2977 low and just trade above all three moving averages. The CCI indicator is mid-market although the five-week downtrend looks to be breaking out to the upside.

GBPUSD Price Outlook: Sterling Technicals Turning Positive.

GBPUSD Daily Price Chart (June 2018 – April 4, 2019)

Sterling Price Outlook: GBPUSD and EURGBP Analysis

Retail traders are 57.3% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. See how recent daily and weekly positional changes can move client sentiment.

EURGBP – Technical Outlook

EURGBP continues to fade lower and the market looks likely to press recent multi-month lows with little in the way of support evident on the daily price chart. The recent re-test of the 23.6% Fibonacci retracement level at 0.8624 failed with the pair now one cent lower over the last three sessions. This move also took EURGBP under the 20- and 5-day moving averages, another negative sign on the chart. The CCI indicator is nearing oversold territory which may act as a brake on the slide lower, but overall the chart remains negative. To the downside the recent 0.8472 low is the initial target followed by two old swing longs (December 2017 and April 2017) between 0.8304 and 0.8314.

EURGBP Daily Price Chart (September 2018 – April 4, 2019)

Sterling Price Outlook: GBPUSD and EURGBP Analysis

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.