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
Subscribe
Please try again
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
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/qP2PbS4dsY
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/POGWDIkqqz
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here: https://t.co/5GO9UrvO4y https://t.co/H76jNJJxU5
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/1TiEWCbJ6t
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/ytHqOoHnxQ
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/155l4SQU6P
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/vkLRsG8KEn
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:https://t.co/JoaUMTv80S https://t.co/Hl4I8Gl7Ez
GBPUSD Weekly Technical Outlook: Bullish Trend Broken

GBPUSD Weekly Technical Outlook: Bullish Trend Broken

Nick Cawley, Strategist

GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD falls to a one-week low.
  • Bullish higher high sequence broken.

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 Nears Moving Average Support

After a positive start to the week, helped by the move off the reverse head and shoulders pattern, Sterling dropped sharply Friday changing the technical landscape. The series of supportive higher highs have just been broken while today’s candle has just made a one-week low. The first levels of support now come from the 20- and 50-day moving averages at 1.30240 and 1.29527 respectively with the latter also in-line with the July 19 low print. The RSI indicator is pointing lower after falling out of overbought territory. Any upside movement is expected to be limited and capped below this week’s high around 1.3300.

GBPUSD Daily Price Chart (February - September 21, 2018)

GBPUSD Weekly Technical Outlook: Bullish Trend Broken

The four hour chart shows the extent of the damage caused over the last 24 hours. The solid uptrend from the September 5 low just under 1.2800 has been broken decisively, while the 20-day moving average - which acted as a line of support - and the 50day ma have also been broken through. The August 30 high at 1.3040 may act as first support, ahead of psychological support at 1.3000 before a drop to the 200-day moving average, currently at 1.2925. On the upside the previously mentioned 20- and 50-day moving averages now act as resistance.

GBPUSD Four Hour Price Chart (August 12 – September 21, 2018)

GBPUSD Weekly Technical Outlook: Bullish Trend Broken

GBPUSD Client Sentiment – Mixed Trading Bias

The IG Client Sentiment Indicatorshows 54.8% of traders are net-long and coupled with recent positional changes we have a mixed trading bias on the pair.

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 Weekly Technical Forecast:

Australian Dollar Forecast: AUD/USD Eyes Key February Trend Line as EUR/AUD Prolongs Reversal

Euro Forecast: Looking for Euro Breakout to Hold

US Dollar Forecast: Dollar Triggers a Technical Breakdown, Will Bears Show Up?

Equity Forecast: Risk-On Takes Hold of S&P 500, Dow, DAX, FTSE and Nikkei

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

DISCLOSURES