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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/KXMefr6a3r
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/5FwNLSVYje
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX! https://t.co/lxd5fZnn4H
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here: https://t.co/BxglKuKVhj https://t.co/8nJQXhUTHI
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/26/SP-500-Break-Risk-and-Dollar-Charge-Sees-Accelerants-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/PL3KZhn1HV
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here: https://t.co/WjU4oYpmf7 https://t.co/QJp3jpS3Ui
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/ukvZfr6BXf
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows https://t.co/bBYcLrtXhj
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/yy0FTn9Pnp
  • Anti-fiat #gold prices suffered the worst week since August as the US Dollar gained ground. Will losses extend? All eyes turn to fiscal stimulus hopes and non-farm payrolls data. Get your #metals update from @ddubrovskyFX here: https://t.co/054CJvOWw4 https://t.co/BzODShHmqH
GBPUSD Price Slumps to Fresh 27-Month Low, No Respite in Sight

GBPUSD Price Slumps to Fresh 27-Month Low, No Respite in Sight

2019-07-16 11:04:00
Nick Cawley, Strategist
Share:

Sterling (GBPUSD) Price, Chart and Analysis

  • GBPUSD slumps on weak Sterling, strong US dollar double.
  • A possibility the pair may trade below 1.2000 in the short-to-medium term

Brand New Q3 2019 GBP and USD Forecasts andTop Trading Opportunities

GBPUSD Weakness Continues

Cable has just traded at the lowest level since April 2017 as sellers take complete control of the market. In slightly holiday-thinned conditions, GBPUSD fell ahead of today’s UK jobs and wages data, steadied post-release and then fell further with sellers off stop losses on the way down.

We noted on Monday that Sterling looked weak and this is now playing out against a range of currencies with losses ranging between 0.50% and 0.90%

Sterling – GBPUSD Capped as UK Data, Tory Leadership Vote Loom

IG Client Sentiment data paints a mixed picture despite Sterling traders being 79.9% net-long of GBPUSD, a negative contrarian bias. Recent daily and weekly positional changes however give us a stronger bearish GBPUSD trading bias.

The daily chart shows the current sell-off and now the pair will be looking at potential support levels from over two years ago. The April 2017 low at 1.2360 is the next target ahead of 1.2108, the March 2017 low, before the January 2017 low around 1.1983 comes into view. To the upside, 1.2600 may be hard to pierce in the current environment.

GBPUSD Daily Price Chart (January 2018 – July 16, 2019)

GBPUSD Price Slumps to Fresh 27-Month Low, No Respite in Sight

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 GBPUSD – 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