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
Bullish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • A recession is typically accompanied by falling stock prices, but equities are not the be-all and end-all for recession investment strategies. Get your market update from @PeterHanksFX here: https://t.co/H0Rf3AkECs https://t.co/5Il5ptMnMu
  • The $USD may rise versus the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit if capital flows out of #ASEAN countries as key U.S. data risks a selloff in equities. Get your market update from @ddubrovskyFX here: https://t.co/JWIRn6MLrK https://t.co/y2tXiYs9aV
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/H6I3MXjW06
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/ZsHdd9NFcO
  • The $USD may be at risk as trader positioning warns that the S&P 500 may bounce as markets look forward to fiscal stimulus. USD/CAD could rise if key support holds down the road.Get your market update from @ddubrovskyFX here:https://t.co/TMq9VZbZ7W https://t.co/TisnGYxllM
  • Here my weekend trading video 'Dow, VIX, Dollar and Gold: Levels and Volatility to Gauge the Markets' https://www.dailyfx.com/forex/video/daily_news_report/2020/03/28/Dow-VIX-Dollar-and-Gold-Levels-and-Volatility-to-Gauge-the-Markets-.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • #Silver and #gold prices have had a fascinating 2020, counterintuitively falling as the #coronavirus’ economic hit has become horribly apparent. A rebound is now afoot. Get your market update from @DavidCottleFX here: https://t.co/nng7lwQ22E https://t.co/JwehIVbBA2
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/mcq5Bq2Jui
  • The $USD soared against the Indonesian Rupiah, with USD/IDR eyeing its best month since the 1997-98 Asia financial crisis amid the #coronavirus outbreak. Can this trend continue? Find out from @ddubrovskyFX here:https://t.co/M3sDZOftrE https://t.co/sbIbp68UOh
  • The $USD may be at risk as technical signals show USD/SGD, USD/MYR and USD/IDR may turn lower. Ahead, the markets will likely weigh US fiscal stimulus bets against dismal data risk. Get your market update from @ddubrovskyFX here:https://t.co/iGqBrY6qyO https://t.co/kJ89YgK3Mm
GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

2018-09-16 09:00:00
Nick Cawley, Analyst
Share:

GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD touches a six-week high.
  • Five Higher Lows in a row boosts sentiment.
  • Reverse Head and Shoulders breakout on the daily chart.

We have recently released our Q3 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

Daily GBPUSD Chart Remains Positive Above 1.30250

A reverse head and shoulders break out at the start of the week left GBPUSD free to run higher with the pair printing a fresh six-week high at 1.31440 on Friday morning. The week’s price action saw the pair establish five higher lows in a row and move above the 20- and 50-day moving average for the first time in over two weeks. Upside targets are now the July 26 high at 1.32135 ahead of the July 16 ‘shoulder’ at 1.32932.

A break of the latest higher low at 1.30250 should be watched for which would open the way to the 20- and 50-day crossover around 1.2950. The psychological 1.3000 level should also see buyers appear.

GBPUSD Daily Price Chart (January - September 14, 2018)

GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

Four-Hour Chart – Uptrend Remains in Place

The bull trend, starting from the September 5 low at 1.27856 remains in place but price action late-Friday is challenging this. The chart shows a confluence of technical levels around 1.3040-1.3050 including the breakout line, the 20-day moving average and the August 30 swing high at 1.3044, and these should provide short-term support.

GBPUSD Four Hour Price Chart (August 1 – September 14, 2018)

GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

GBPUSD Client Sentiment – A Bullish Impulse

The IG Client Sentiment Indicatorshows us that retail are 60.6% long of GBPUSD and that traders are less net-long on a daily and weekly basis. Recent changes in sentiment warn that GBPUSD may soon reverse higher despite the fact traders remain net-long.

GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

DailyFX has a vast amount of resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of constantly updated Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

Other Technical Forecast:

Australian Dollar Forecast: AUD/USD Breakout Struggles, EUR/AUD Risks Reversing to August Lows

Euro Forecast: Euro Stalls at Wall of Resistance

Equity Forecast: Dow, S&P 500, DAX, FTSE and Nikkei

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

DISCLOSURES

News & Analysis at your fingertips.