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
More View more
Real Time News
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
  • RT @ddubrovskyFX: The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. USD/INR…
Sterling Weekly Technical Outlook: GBP Down But Not Out

Sterling Weekly Technical Outlook: GBP Down But Not Out

2019-02-09 13:00:00
Nick Cawley, Analyst

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 nicholas.cawley@ig.com

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.


News & Analysis at your fingertips.