Skip to Content
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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Sterling Weekly Technical Outlook: GBP Down But Not Out

Sterling Weekly Technical Outlook: GBP Down But Not Out

Nick Cawley, Senior Strategist
What's on this page

Sterling FX-Pairs Technical Analysis

  • GBPUSD support broken but sell-off contained.
  • EURGBP retains its negative outlook.

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

Cable has had a mixed week, dropping through the supportive 200-day moving average, hitting a near three-week below before bouncing back to currently trade either side of the long-term moving average. The last three-days have seen GBPUSD trade in between the 20- and 50-day moving averages at 1.3030 and 1.2835 respectively. The 23.6% Fibonacci retracement at 1.2894 was briefly pierced on Thursday and it remains to be seen if this level will act as solid support in the event of another re-test. The RSI indicator at the bottom of the chart has bounced off a one-month low and has just started to turn higher.

GBPUSD Daily Price Chart (April 2018 - February 8, 2019)


Something for the Weekend? – Becoming a Better Trader – Rules to Trade by | Webinar

The daily EURGBP chart looks interesting with upside likely limited as we head into the new week. The pair broke through the 61.8% Fib retracement level at 0.8803 but the move higher lacked momentum and EURGBP turned sharply lower on Thursday. The Euro is currently struggling across a range of currencies on EU growth fears and a lack of positive fundamentals. On the chart the 20-day moving average traded through the 200-day ma two-weeks ago and the current set-up shows the 50-day ma likely to break below the lon-dated ma shortly, a ‘Death Cross’. While this may prompt further downside or not – analysts argue over the validity of this indicator - it does show that short-term sentiment has taken a turn for the worse, putting pressure on the pair. Resistance levels seen at 0.8803 ahead of 0.8860 with old horizontal support at 0.8725 ahead of 0.8655 and the recent multi-month low around 0.8615.

Looking for a fundamental perspective on Sterling? Check out the weekly Sterling Fundemental Analysis.

EURGBP Daily Price Chart (June 2018 - February 8, 2019)


Interest Rates and the Foreign Exchange Market

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

Follow Nick on Twitter @nickcawley1

Other Weekly Technical Forecast:

Australian Dollar Forecast - Australian Dollar Strength Falls Apart, Can AUD/CAD Breakout Last?

Oil Forecast - Bullish Backdrop Remains Despite Weekly Drop

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