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
Oil - US Crude
More View more
Real Time News
  • Hello there, traders! Today’s webinar on how politics will be impacting markets in the week ahead will be rescheduled.
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! - https://t.co/RgnsklZ2Gl
  • #BITCOIN Daily Pivot Points: S3: 7776.19 S2: 8156.58 S1: 8309.92 R1: 8690.31 R2: 8917.36 R3: 9297.75 https://www.dailyfx.com/pivot-points?ref=SubNav?CHID=QPID=917720
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/wbf3Lwe5Qt
  • Join analyst @DavidJSong at 5:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/2B8CdSgkuq
  • The Aussie sell-off halted at key lateral support this week and puts the focus on a break of this key range. Here are the levels that matter on the AUD/USD weekly chart. Get your $AUDUSD technical analysis from @MBForex here: https://t.co/rU4u1tMlmz https://t.co/QbyxUrDq1a
  • The $JPY market faces a clear disconnect between domestic economic data and monetary policy. What if that were to change? Get your market update from @DavidCottleFX here:https://t.co/4Gr8tLaHvj https://t.co/0eXMv5CTnd
  • #Forex Forecast via @DailyFX: US Dollar Technical Outlook on $DXY, $AUDUSD, $USDCAD, $USDJPY & $EURUSD Full Analysis ⬇️ https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/11/17/usd-price-us-dollar-chart-forecast-dxy-audusd-usdcad-usdjpy-eurusd.html
  • Further escalation in Hong Kong will likely bode poorly for risk appetite https://t.co/0NjUd3ahBu
  • How should you trade around event risks and what steps can you take to improve your trading psychology? Find out from @JoelKruger, a trading consultant and mentor. Only on Global Markets Decoded. Missed the episode? Read up here:https://t.co/JWIGJk4vKa https://t.co/WB39x4GP99
Sterling Weekly Technical Outlook: GBP Slipping But Still Positive

Sterling Weekly Technical Outlook: GBP Slipping But Still Positive

2019-03-02 10:00:00
Nick Cawley, Analyst

Sterling FX-Pairs Technical Analysis

  • GBPUSD still needs to decisively break above 1.3300.
  • EURGBP expected to re-test recent lows.

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

A strong start to the week saw GBPUSD hitting its highest level since July 2018 as positive Brexit sentiment sent Sterling higher across the board. The pair is currently giving back part of this week’s gains but further losses from here looked capped between 1.3177 (38.2% Fibonacci retracement) and 1.3150 (Monday’s high and the bottom of the gap). US dollar strength in the latter part of the week has also helped to pare GBPUSD gains as we head into the weekend. GBPUSD needs to break and close above 1.3300 in a decisive fashion to inject further positive sentiment into the pair, opening up a re-test of 1.3406 (50% Fib).

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

GBPUSD Daily Price Chart (May 2018 - March 1, 2019)


Becoming a Better Trader – Rules to Trade by | Webinar

EURGBP broke sharply lower this week, taking out horzontal support between 0.8615 and 0.8621 with ease. The pair traded as low as 0.8530, a level last seen in May 2017 , before turning back towards the 0.8600 area. The RSI indicator highlighted the oversold nature of the pair mid-week and while it is currently moving higher, it remains in a 3-month downtrend. The previously mentioned 0.8620 area may act as initial resistance for any further upside before 0.8698 comes into play. To the downside the longer-term target area is between 0.8382 (May 10, 2017 swing-low), then 0.8325 (161.8% Fib extension) and then 0.8318 (April 18, 2017 low).

EURGBP Daily Price Chart (February 2018 - March 1, 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 – GBPAUD Eyes Brexit Referendum Levels. AUDUSD, AUDJPY May Breakout

Oil Forecast– Trump's Tweet Sees Bulls Rush In

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


News & Analysis at your fingertips.