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
GBP/USD
Bullish
USD/JPY
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
GBP Technical Analysis Overview: GBP/USD, EUR/GBP Momentum Stalling

GBP Technical Analysis Overview: GBP/USD, EUR/GBP Momentum Stalling

2019-11-19 10:35:00
Justin McQueen, Analyst
Share:

GBP Analysis and Talking Points

  • GBP/USD| Upside to be Capped at 1.3000 in Short Term
  • EUR/GBP | Downside Momentum Stalling as RSI Confirms Bullish Divergence

See the DailyFX FX forecast to learn what will drive the currency throughout the quarter.

GBP/USD | Upside to be Capped at 1.3000 in Short Term

Price action in the Pound remains predominantly driven by politics. Today’s session is likely to focus on the TV debate between Boris Johnson and Jeremy Corbyn at 2000GMT with a poll to be released from 2100GMT. As it stands, overnight ATM option is pricing in an implied move of 46pips (+/-) for GBP/USD. Momentum indicators continue to tilt towards upside in the pair, however, while the trend intensity has increased, the bullish bias signalled by momentum indicators has eased slightly as GBP/USD stalls at the 1.3000 handle. Of note, over 3bln worth of vanilla options are expiring this week at 1.3000, consequently, upside may be somewhat limited to the 1.3000 handle. Alongside this, we continue to expect GBP/USD to remain rangebound in the run up to the election.

GBP/USD PRICE CHART: Daily Time Frame (Nov 2018 –Nov 2019)

GBP Technical Analysis Overview: GBP/USD, EUR/GBP Momentum Stalling

EUR/GBP | Downside Momentum Stalling as RSI Confirms Bullish Divergence

EUR/GBP has continued to head lower, reaching its lowest level since May. However, while momentum indicators remain bearish, this has eased slightly, which in turn has seen the cross begin to bottom out. Alongside this, the RSI is signalling a bullish divergence and thus raises the risk of a potential uptick in the cross. That said, Euro notable buying remains elusive, given that the Eurozone economy remains weak, as such, market participants will be looking towards the preliminary PMI figures on Friday in order to gauge whether the slowdown is starting to show signs of petering out.

EUR/GBP Price Chart: Daily-Time Frame (Nov 2017Nov 2019)

GBP Technical Analysis Overview: GBP/USD, EUR/GBP Momentum Stalling

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.