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
EUR/USD
Mixed
GBP/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
USD/JPY
Bearish
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
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
  • #Dow Jones stages impressive recovery on a firm NFP report. #FTSE 100 eyes UK general election. Get your equities technical analysis from @JMcQueenFX here: https://t.co/o28UcG6N3l https://t.co/SwGAaFCFND
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
Sterling Weekly Technical Outlook: Selling Off Into Support

Sterling Weekly Technical Outlook: Selling Off Into Support

2019-02-23 10:00:00
Nick Cawley, Analyst
Share:

Sterling FX-Pairs Technical Analysis

  • GBPUSD pulling back into a cluster of support levels.
  • EURGBP upside remains capped

You can download for free ourQ1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD and EURGBP with our fundamental and medium-term term technical outlook.

A break of Fibonacci retracement at 1.2894 at the start of the week provided Sterling with momentum to move higher against the US dollar, taking out the 200-day moving average during the move. A positive Brexit sentiment, and better-than-expected jobs and wages data help provide a fundamental boost for the British Pound. The mid-week turnaround has been equally as sharp, and the pair now approach a cluster of support levels that should keep GBPUSD from falling further. The 20-day moving average at 1.2965 guards the 200-day moving average around 1.2940 and the 50-day ma at 1.2910 before 23.6% Fibonacci retracement at 1.2894 comes into play. To the upside, the recent February high at 1.3112 before 38.25 Fib at 1.3177 and the January 2019 high print at 1.3217.

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

GBPUSD Daily Price Chart (May 2018 - February 22, 2019)

GBPUSD

Weekend Listen – Becoming a Better Trader – Rules to Trade by | Webinar

Another pair that have reversed about half of their weekly move, EURGBP now sits in the middle of its recent range with any further rally set to hit strong resistance levels. First resistance is pegged around 0.8755 (50-day ma) before the 61.8% retracement level of the April 2018 – Janaury 2019 rally makes its mark at 0.8809. This closely followed by the 20-day ma at 0.8827, the 50% Fib retracement level at 0.8868 and the 200-day ma at 0.8878. On the downside there are recent lows at 0.8660, followed by 0.8656 and the recent low around 0.8615.

EURGBP Daily Price Chart (May 2018 - February 22, 2019)

EURGBP

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 – AUD/USD, AUD/JPY and AUD/NZD Eye Trend-Forecasting Patterns

Oil Forecast– Bears May Want to Turn Away, Momentum is Here

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

DISCLOSURES

News & Analysis at your fingertips.