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. See our updated Privacy Policy here.

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
Subscribe
Please try again
GBP/USD
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Ai9FWJJ6g7
  • 🇺🇸 MBA Mortgage Applications (23/JUL) Actual: 5.7% Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.77%, while traders in Wall Street are at opposite extremes with 74.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xocIEsnpei
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/JUL) due at 11:00 GMT (15min) Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • Bitcoin (BTCUSD) putting in a decent shift and back above $40k - ignoring the 'will they/won't they?' Amazon chatter. #bitcoin #btc @DailyFXTeam Prices via @IGcom https://t.co/jXB2fP11kG
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:https://t.co/7G7pWntiyY https://t.co/IwfNn9HRhM
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.29% Gold: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ClrxkIhs94
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.25% 🇨🇭CHF: 0.03% 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.13% 🇳🇿NZD: -0.21% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OCHk2MUjOO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.82% FTSE 100: 0.28% Germany 30: 0.19% US 500: 0.18% Wall Street: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rbdrdjj6kp
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/NPHJ7riOrS
GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

GBPUSD Weekly Technical Outlook: Trend Support Needs Respecting

Nick Cawley, Strategist

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