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
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • 🇬🇧 GBP BOE Asset Purchase Target (SEP), Actual: N/A Expected: 435b Previous: 435b https://www.dailyfx.com/economic-calendar#2019-09-19
  • 🇬🇧 GBP Bank of England Bank Rate (SEP 19), Actual: N/A Expected: 0.75% Previous: 0.75% https://www.dailyfx.com/economic-calendar#2019-09-19
  • European parliament favours Breixt extension if one is to be requested $GBP
  • Having a consistent trading strategy can’t be understated when it comes to the process of trading. How can having a consistent strategy avoid #FOMOintrading? Find out from @WVenketas here: https://t.co/f4y1FOOZnM https://t.co/2QHVgRlMc7
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (SEP 13) due at 11:00 GMT (15min), Actual: N/A Expected: N/A Previous: 2.0% https://www.dailyfx.com/economic-calendar#2019-09-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.42%, while traders in France 40 are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ReHxHQMPBJ
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Oil - US Crude: -0.45% Silver: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rq2EKnzq0p
  • Bitcoin breakout nears...#bitcoin #btc https://t.co/5si6ROEIBy
  • EUR/USD, EUR/JPY Technical Forecast: Failure at Crucial Resistance More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/09/18/EURUSD-EURJPY-Technical-Forecast-Failure-at-Crucial-Resistance-MK.html https://t.co/9sYz3Ee5wq
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.08% 🇨🇦CAD: -0.14% 🇪🇺EUR: -0.20% 🇬🇧GBP: -0.25% 🇳🇿NZD: -0.40% 🇦🇺AUD: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/kYlPKUJuaW
GBP/USD Rallies as Bears Take Cover, USD/JPY Tests Key Resistance- US Market Open

GBP/USD Rallies as Bears Take Cover, USD/JPY Tests Key Resistance- US Market Open

2019-09-05 13:10:00
Justin McQueen, Analyst

MARKET DEVELOPMENT – GBP/USD Bears Take Cover, USD/JPY at Key Resistance

DailyFX 2019 FX Trading Forecasts

GBP: Sterling bears are drastically taking cover as the continued short squeeze propels GBP/USD through the 1.2300 handle. However, while the risk of a no-deal Brexit has diminished slightly, uncertainty persists, particularly with a general election seemingly inevitable. As such, while the Pound has had its strongest 2-day advance over the greenback this year, caution is to be had.

SEK: The Swedish Krona is among the top performers throughout the European session following the Riksbank rate decision. While the central bank had lowered its rate path, they had surprised many by continuing to forecast that the repo rate will be raised by the year-end or Q1 2020, somewhat more hawkish than expected and thus boosting SEK.

JPY / CHF: Safe-haven currencies are on the backfoot amid the boost in risk appetite. Late yesterday, the US and China confirmed that face to face talks will take place in October, while another defeat for UK PM Johnson over the Brexit delay bill has slightly eased concerns in regard to a no-deal Brexit. As such, USD/JPY is testing resistance at 107.00 in which a break above opens the door to a move towards 107.50.

GBP/USD Rallies as Bears Take Cover, USD/JPY Tests Key Resistance- US Market Open

Source: DailyFX


  1. Bitcoin (BTC) Price Battles Recent Highs as Technical Indicators Clash” by Nick Cawley, Market Analyst
  2. Gold Price and Silver Outlook: Too High to Buy, Too Strong to Short” by Paul Robinson, Currency Strategist
  3. Canadian Dollar Technical Analysis Overview: USD/CAD, GBP/CAD, EUR/CAD” by Justin McQueen, Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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


News & Analysis at your fingertips.