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
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
GBP/USD
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
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
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Crude #oil prices are testing confluence resistance into the start of monthly – keep your eye on the close for guidance here. Get your technical analysis from @MBForex here:https://t.co/FVG7lczoAy #OOTT https://t.co/E0KXsJDLz5
  • Dow Jones reports that the US and China are still not in agreement over agriculture purchases $SPX
  • The $USD has continued to slide during the first week of December, bringing into focus a potentially major technical breakdown.Get your market update from @CVecchioFX here:https://t.co/6MbXixM16y https://t.co/Sfdwi3R7js
  • video of today's webinar uploaded and archived -> https://www.dailyfx.com/forex/market_alert/2019/12/05/Pre-NFP-price-action-setups-across-the-US-Dollar-js56.html
  • Precious Metals Update: #Gold 1476.28 (+0.11%), #Aluminum 1758.00 (-0.45%), and #Copper 5885.00 (+1.20%) [delayed]
  • No considerations for sending 14,000 troops to middle east at current time according to Pentagon #OOTT
  • #Crypto update: $BTC -1.5% $BCH -0.7% $XRP -1.2% $LTC -2.5% $ETH -1.4%
  • US Treasury Yields Update: 2-Year: 1.586% 3-Year: 1.598% 5-Year: 1.624% 7-Year: 1.732% 10-Year: 1.798% 30-Year: 2.245% $TNX
  • US Dollar Forecast: Major Topping Potential in Play? Key Levels for DXY Index https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/05/us-dollar-forecast-major-topping-potential-in-play-key-levels-for-dxy-index.html?CHID=9&QPID=917710 $DXY $EURUSD $UUP $FED
  • Here's the recording of this morning's @IG_US client sentiment webinar with $AUDUSD and $AUDJPY bearish setups as the focus https://t.co/6KlAtvFaay
GBP/USD Pushes to New 2017 Highs

GBP/USD Pushes to New 2017 Highs

2017-04-27 13:02:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

  • GBP/USD Trades to New 2017 Highs
  • Sentiment Figures Remain Negative at -1.26
  • Looking for more trade ideas for Pound and other currencies? Register for our Q2 price forecast HERE.

The GBP/USD is breaking out to new 2017 yearly highs this morning, extending its rally above the key 1.2900 handle. Technically today’s move should be seen as significant, as the pair has now concluded a 5 day period of consolidation by breaking out above the previous high at 1.2906. If prices continue to rally, bullish traders will next look for the GBP/USD to test the September 2016 swing high found at 1.3445.

In the event that the GBP/USD begins to reverse lower in the short term, traders may look for the pair to first trade below the 10 day EMA (exponential moving average) at 1.2769. This line is acting as an ascending value of support, and a breakout below 1.2782 may suggest a shift in the pair’s short term trend. In this bearish scenario, traders may again look to target the 200 day MVA (simple moving average), which is found at 1.2514.

GBP/USD, Daily Chart & Averages

GBP/USD Pushes to New 2017 Highs

(Created Using IG Charts)

How can market sentiment be worked into your active trading strategy? Get our Free sentiment guide here.

Traders should also note that sentiment figures for the GBP/USD currently remain negative. Currently IG Client Sentiment totals read at -1.26, with 44% of traders long the GBP/USD. While this value is not considered extreme, this negative figure does suggest that the pair may continue to rise. In the event of a strong bullish breakout to new highs, traders should look for sentiment figures to move towards negative extremes of -2.0 or more. Alternatively if the GBP/USD retraces lower, it should be expected to see sentiment figures neutralize and potentially flip to a positive reading.

GBP/USD Pushes to New 2017 Highs

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES

News & Analysis at your fingertips.