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
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
Oil - US Crude
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
Wall Street
Bearish
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Could #APAC stocks (such as the #ASX200 and #HangSeng) follow the #DowJones lower on Tuesday after US fiscal stimulus bets faded? Check out today's APAC stocks briefing here - https://www.dailyfx.com/forex/market_alert/2020/10/20/Dow-Jones-Sinks-Hang-Seng-May-Follow-ASX-200-Could-Rise-on-Dovish-RBA.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/2Mn2x2lndw
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/pkiysDzFrD
  • RBA Minutes: Further easing would reduce financial stability risks -BBG $AUDUSD #RBA
  • RBA Minutes: Further easing would gain traction as the economy opens, members considered effect of lower rates on confidence and savers -BBG #RBA $AUDUSD
  • RBA Minutes: Fiscal, monetary support will be needed for some time. Agreed to place more weight on actual over forecast CPI -BBG #RBA $AUDUSD
  • Last week’s British Pound price reversal keeps the focus on a break of the recent range for guidance with the broader risk still lower below the yearly open. Get your $GBPUSD technical analysis from @MBForex here:https://t.co/znI4iT8skY https://t.co/QqGOzRwjmW
  • USD/JPY and GBP/JPY may reverse lower in the near-term as both exchange rates fail to breach key resistance. CAD/JPY rates eyeing a retest of its post-crisis high. Get your market update from @DanielGMoss here:https://t.co/NptWy89cTa https://t.co/PYrMMwaCXg
  • Both $AUDUSD and $NZDUSD are slipping in early Tuesday APAC trade following dovish remarks from the #RBA ... https://t.co/nvOjnM8z8h ...and #RBNZ respectively: https://t.co/tDlVxzO68h https://t.co/w3y9zDlz6i
  • RBA's Kent: Notes still room to compress short-term rates -BBG $AUDUSD #RBA
  • Read your daily election update⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/19/AUDUSD-Downtrend-to-Accelerate-Election-Betting-Odds-Defying-Polls.html
GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

2018-10-13 04:00:00
Nick Cawley, Strategist
Share:

GBPUSD Technical Highlights, Prices and Analysis

  • GBPUSD giving back recent gains.
  • 200-day moving average should provide support.

We have recently released our Q4 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

Short-Term GBPUSD Chart – Indecision Then a Turn Lower

Cable has slipped back after making a three-week high and is looking to trade lower as two negative (red) candles make their presence felt. Preceding these two candles we have three very small indecision dojis near the recent high, with tight trading ranges a sign of market exhaustion. Protection on the downside should be found at the 50-day moving average at 1.30937 ahead of the 200-day ma, currently at 1.30572. On the upside, GBPUSD may struggle at Friday’s high of 1.32581.

GBPUSD Four Hour Price Chart October 12, 2018

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

The daily GBPUSD chart still looks bullish and remains positive until the double-lows at 1.2920 are breached. This would also take us below all three moving averages and turn the technical outlook bearish.

GBPUSD Daily Price Chart October 12, 2018

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

Retail Sentiment Still Favors the Upside

IG Retail Sentiment data show that traders are long GBPUSD (57.3%), normally a bearish contrarian indicator. However, traders are less net-long than yesterday and last week, indicating that the GBPUSD may reverse higher.

GBPUSD Weekly Technical Outlook: Turning Short-Term Negative

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, GBP/AUD May Still Make Breakout Progress Despite U-turns

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

DISCLOSURES