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
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇳🇿 Inflation Rate QoQ (Q3) due at 21:45 GMT (15min) Expected: 0.9% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇳🇿 Inflation Rate YoY (Q3) due at 21:45 GMT (15min) Expected: 1.7% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2020-10-22
  • White House Chief of Staff Mark Meadows says Speaker Nancy Pelosi is ready to do a stimulus deal -BBG $SPX $DJI $NDX $USD $XAU
  • Relatively quiet Canadian economic calendar through the end of October will leave CAD-crosses particularly exposed to broader risk trends, especially those in stocks and oil markets. Get your $USDCAD market update from @CVecchioFX here:https://t.co/kpUQTaO6rm https://t.co/tcmSJh9B8d
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.32% 🇨🇦CAD: 0.05% 🇦🇺AUD: -0.00% 🇯🇵JPY: -0.28% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XWscJjWQHq
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -1.05% Silver: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ySjnrTUWnk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.54%, while traders in EUR/USD are at opposite extremes with 72.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tyXcZZL0qf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.39% France 40: 0.32% FTSE 100: 0.26% US 500: 0.01% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ljSeRVDbh8
  • Gilead Sciences receives FDA approval for Remdesivir - BBG
  • $GILD | Gilead Sciences receives FDA approval for coronavirus treatment remdiesivir
GBP/USD Consolidates on UK GDP Miss

GBP/USD Consolidates on UK GDP Miss

2017-05-25 12:47:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

The GBP/USD continues to consolidate off of its yearly highs, as UK GDP figures were reported under expectations this morning. UK GDP (YoY) (1Q P) was expected in at 2.1% but released at an actual 2.0%. Technically, this morning’s trading has pushed the GBP/USD back below its 10 day EMA (exponential moving average) at 1.2963. However despite this decline, prices still remain inside of last Thursday’s daily candle.

In the event prices continue to decline, traders should first look for the GBP/USD to close below the previously mentioned 10 day EMA. A move of this nature should also be followed by a breakout below last Thursdays low at 1.2888. In this bearish scenario, traders may then look for the GBP/USD to test the standing monthly low at 1.2830. If prices retrace higher however, traders should watch for the GBP/USD to close above the 10 day EMA and then challenge yearly highs above 1.3048. A breakout above this point would suggest a continuation of the GBP/USD’s ongoing long term uptrend.

GBP/USD Daily Chart & Averages

GBP/USD Consolidates on UK GDP Miss

(Created Using IG Charts)

Why and how do we use IG Client Sentiment in trading? See our guide.

Sentiment totals for the GBP/USD remain net negative, with IG Client Sentiment reading at -1.43. This suggests that 59% of traders are currently short the pair. When read as a contrarian indicator, this negative value suggests a bullish bias for the currency pair. If prices breakout lower below 1.2888, traders should watch for sentiment figures to shift back towards a more neutral value and potentially flip positive. Alternatively if the GBP/USD’s bullish trend continues, traders should look for sentiment to move towards new negative extremes of -2.0 or more.

GBP/USD Consolidates on UK GDP Miss

--- 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 hisBio 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