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.



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
Oil - US Crude
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
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • 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:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection -
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:
GBP/USD, GBP/JPY, USD & More: Charts & Technical Analysis

GBP/USD, GBP/JPY, USD & More: Charts & Technical Analysis

2020-09-29 13:00:00
Paul Robinson, Strategist

Technical Outlook:

  • GBP/USD still pointed lower, at risk of another round of selling
  • GBP/JPY to follow Sterling as the Yen remains largely inanimate
  • DXY pulling back into support zone that could revitalize upside

GBP/USD was putting together a strong rally yesterday, but fizzled and put price closing in the bottom half of its daily range. Turning to the 4-hr chart, it is still pretty clear there is a downtrend in place as per the lower highs and lower lows. With the lower and bottom-side trend-lines in parallel to one another we could be in the process of creating a channel structure that will act as a guide moving forward. For now, as long as yesterday’s high at 12930 isn’t breached the trading bias remains firmly lower. A breakout above doesn’t necessarily turn things bullish, as there is strong resistance near 13000, but it does help as the downtrend becomes less intact.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Find Out the #1 Mistake Traders Make
Get My Guide

GBP/USD 4-hr Chart (pointed lower, channel could be forming)

gbp/usd 4-hr chart

GBP/USD Chart by TradingView

GBP/JPY is largely being run by Sterling in the absence of strong price in the Japanese Yen, and as such if Cable slips hard then it is likely this cross-rate will too. The downtrend structure isn’t as pronounce as is it in GBP/USD, but nevertheless it is weak. Another round of selling may bring the June low at 13175 into play.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Find Out the #1 Mistake Traders Make
Get My Guide

GBP/JPY Daily Chart (another round of selling could be near)

gbp/jpy daily chart

GBP/JPY Chart by TradingView

The US Dollar Index (DXY)is retreating as we see broad USD weakness, but that could come to an end shortly if the 94/93.50-area holds as support. There is support there now as that previously acted as resistance. Generally speaking, looking for bullish set-ups within the short-term trend off of a very solid long-term support level. We have both the 2011 trend-line and the ~92 level that has been in play since as far back as 1998 as a meaningful swing point. If we are too see the DXY firm up again it should be shortly. Overcoming the March low (where we turned lower from this week) will be the next obstacle to overcome.

DXY Daily Chart (backing into support)

dxy daily chart

U.S. Dollar Currency Index (DXY) Chart by TradingView

For all the charts we looked at, check out the video above…

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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