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
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
Wall Street
More View more
Real Time News
  • US Four-Week Bills Draw 0.125% Primary Dealers Awarded: 44.3% Indirect Bidders Accepted: 53.2% Direct Bidders Accepted: 2.5% B/C Ratio: 2.77
  • ECB policymakers debated PEPP expansion of EUR 500-750bln. Policymakers expressed worries about deviation from capital key - ECB sources
  • Canadian PM Trudeau says updated COVID-19 modeling to be released Thursday, evidence shows virus may be slowing - BBG
  • Florida virus cases increase 2.4% versus prior 7-day average of 1.6% - BBG
  • GBP/USD is easing back Thursday after a week of gains as the June 30 deadline for the UK to ask for an extension of its Brexit transition period approaches. Get your $GBPUSD market update from @MartinSEssex here:https://t.co/ymQqurP9Nw https://t.co/ozMH50KfbQ
  • Hey traders! With @ecb announcing 600bn increase in its PPE program. How is this impacting the markets? Get your market update for today from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/H8q5yz430P
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.84% 🇦🇺AUD: 0.54% 🇳🇿NZD: 0.47% 🇬🇧GBP: 0.18% 🇨🇦CAD: -0.01% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lRvWDOlu3j
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.28% US 500: 0.12% France 40: 0.06% Germany 30: -0.21% FTSE 100: -0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/d2SBu9DxXv
  • El #Ibex35 defiende los 7.600 puntos gracias al estímulo ilimitado del #BCE #trading https://t.co/14JmYVr4Q5
  • EUR/JPY IG Client Sentiment: Our data shows traders are now at their least net-long EUR/JPY since Jan 14 when EUR/JPY traded near 122.23. A contrarian view of crowd sentiment points to EUR/JPY strength. https://www.dailyfx.com/sentiment https://t.co/PIrps86vUZ
Sterling (GBP) Weekly Technical Outlook: Preparing For Further Upside?

Sterling (GBP) Weekly Technical Outlook: Preparing For Further Upside?

2019-01-26 06:00:00
Nick Cawley, Strategist

Sterling FX-Pairs Technical Analysis

  • GBPUSD nearing the moment of truth around 1.3300.
  • EURGBP may re-test the nine-month low soon.

Looking for a fundamental perspective on British Pound? Check out the Weekly Crude GBP Fundamental Forecast.

GBPUSD – 200-Day Moving Average Broken, Fibonacci Next

Another positive week for GBPUSD with the 200-day moving average – which had provided a barrier to further upside progress – finally broken and closed above, sending out another positive GBPUSD signal. The pair now near an important level around 1.3175 where the 38.2% Fibonacci retracement meets a previous lower high made on November 7. To completely change the market bias to bullish, GBPUSD needs to trade and close above the September 20 swing-high at 1.32986 (blue dotted line on the chart), breaking the sequence of lower highs and setting up a further run higher. Market is touching oversold condition so a further small pull-back may occur before the market can contemplate further gains.

GBPUSD Daily Price Chart (April 2018 - January 25, 2019)

GBPUSD Daily Chart

EURGBP Fragile Bounce Off Nine-Month Low

EURGBP has had a tough week, falling sharply all the way back to the April 2018 low before making a minor rebound. The chart below shows the pair moved into oversold territory before the reaction rally but further upside is likely to limited as both technically and fundamentally the pair remains pointed to the downside. There is a gap on the chart from the recent sell-off between the bottom of Tuesday’s candle around 0.8760 and the top of Thursday’s candle at 0.8725 which may provide a target before a further sell-off. The longer-term bias points towards the April 2017 low at 0.8313.

EURGBP Daily Price Chart (April 2018 – January 25, 2019)

EURGBP Daily Chart

Earlier this week we also looked at GBPAUD and GBPNZD and the charts and analysis remain relevant.

--- Written by Nick Cawley, Analyst

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

Follow Nick on Twitter @nickcawley1

Other Weekly Technical Forecasts:

Australian Dollar Forecast - AUD/USD, EUR/AUD, AUD/JPY Chart Support and Resistance Reinforced

Crude Oil Forecast - Sharp Rebound Appears Set To Continue

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


News & Analysis at your fingertips.