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
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.39% 🇨🇦CAD: -0.04% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.23% 🇨🇭CHF: -0.27% 🇯🇵JPY: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/y9WBLkpRXG
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 5.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2021-08-04
  • August is typically a risk-off month for FX markets, with the Japanese Yen and Swiss Franc the top performers. The Australian and New Zealand Dollars have declined the most. Get your market update from @CVecchioFX here:https://t.co/DeCKSRrDpz https://t.co/TMnfL74loo
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.07% Oil - US Crude: -0.25% Silver: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GePM1FoD1w
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.42%, while traders in France 40 are at opposite extremes with 78.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oVnfHgqKie
  • Key levels worth watching for gold price action $XAUUSD $GLD $GC_F https://t.co/J3jKDK23PW
  • Uninspiring close for the major US stock indices https://t.co/xF0x9v2AyH
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.00% Wall Street: -0.00% Germany 30: -0.09% France 40: -0.09% FTSE 100: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/07Dfr57x2u
  • A rebound off confluence support has USD/CAD eyeing near-term downtrend resistance just higher. Get your $USDCAD market update from @MBForex here:https://t.co/fPTwHd65rl https://t.co/jUzX00FnKe
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/08/04/US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-USD-CAD-USDCAD.html https://t.co/vRuwBes7bH
GBPUSD Weekly Technical Outlook: Light on the Horizon?

GBPUSD Weekly Technical Outlook: Light on the Horizon?

Nick Cawley, Strategist

GBPUSD Technical Analysis

  • A series of lower highs has been broken this week and may point to higher prices.
  • Technical analysis may be moot as Brexit bill vote nears.

We have recently released our Q1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD with our fundamental and medium-term term technical outlook.

Last Week’s GBPUSD Technical Report – Sterling Remains Weak.

GBPUSD Nudge Higher Helped by US Dollar Frailty

Before we look at GBPUSD technicals, please note that Brexit fundamentals, and Tuesday’s vote, continue to dominate the market.

That being said, GBPUSD has thrown up a positive sign on the daily chart with the recent series of lower highs, started in late September 2018, seemingly broken this week. The move has been helped by a slightly weaker US dollar, but GBP has also shown resilience in the face of Brexit adversity. We will need further confirmation and upside to put more credibility in this move, but when combined with the pair trading back above the 20- and 50-day moving averages, the chart looks slightly more positive than of late. To have more confidence in further upside, GBPUSD needs to break and close above the 23.6% Fibonacci retracement level at 1.28936 and to close above the 200-day moving average, currently situated around 1.3000. This would leave the way clear for a larger move to the September 20 high at 1.3300.

To the downside, the 20-and 50-day moving averages between 1.2690 and 1.2725 will offer minor support before price action falls into the 1.236 to 1.2589 area. A break below – driven by further negative Brexit news – leaves the March 2017 low at 1.2109 as the next level of support.

GBPUSD Weekly Price Chart (December 2017 – January 11, 2019)

GBPUSD

--- Written by Nick Cawley, Analyst

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

Follow Nick on Twitter @nickcawley1

Other Weekly Technical Forecast:

AUD Forecast –Prices May Add Gains to USD, EUR But JPY Holds

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

DISCLOSURES