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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • US is considering curbing special exemptions for Chinese firms, according to Politico
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.06% 🇨🇭CHF: -0.22% 🇨🇦CAD: -0.23% 🇯🇵JPY: -0.29% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rst0kqdDrJ
  • Coming up at half past the hour. Please join me if you can... https://t.co/R2GcBc8KXS
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -0.79% Wall Street: -1.00% France 40: -1.13% FTSE 100: -1.35% Germany 30: -1.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/u3dcuMGQBh
  • Since mid-June USD/CAD has consolidated in a well-defined zone. Will today’s Fed members speeches (14:00- 18:00 and 19:00 UK) push the pair in a clear direction? #USDCAD, #USD, #Fed https://t.co/SxjnwNupP2
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/KsjQit31hK
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/Qe7aw1a6UU
  • Crude Oil Prices May Turn Lower as Covid-19 Fears Reemerge - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/07/07/Crude-Oil-Prices-May-Turn-Lower-as-Covid-19-Fears-Reemerge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #oott #COVID19
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/bdDrVU9XED
  • 🇮🇹 Retail Sales MoM (MAY) Actual: 25.2% Previous: -10.5% https://www.dailyfx.com/economic-calendar#2020-07-07
Pound Weekly Technical Outlook: GBPUSD Tags Major Trend Support

Pound Weekly Technical Outlook: GBPUSD Tags Major Trend Support

2019-06-01 19:00:00
Paul Robinson, Strategist
Share:

GBPUSD Technical Outlook:

  • Cable could bounce off 2016-present trend-line
  • At the very least increased volatility looks to be in store

Check out the DailyFX Trading Guides page for intermediate-term forecasts, educational content aimed all experience levels, and more.

GBPUSD could bounce off 2016-present trend-line

Last week brought with it more GBPUSD selling, taking Cable down to an important long-term trend-line. The trend-line began with a bang as it dates back to the October 2016 Sterling flash-crash. This line has another pair of big inflection points with the Jan ’17 and Dec ’18 lows connecting as well.

What makes the line even more solid is that despite it being 2.5 years old, you can connect the lows down to the daily time-frame. There was a brief breach of the line in January when we had another flash-crash situation (YEN, GBP, AUD) but the other lows connect nicely to forge out a strong line of support. It doesn’t mean GBPUSD will bottom, but it does mean traders should be on extra high alert for at the very least increased volatility, if not a big bounce.

If we don’t see a strong turnabout (we got some volatility on Friday) at the trend-line, more probing and a potential break could be in store that leads to the Jan 23 low at 12373. With the right price action, though, a lift off support could quickly see the first swing-level at last week’s high of 12748 hit, followed by the May 21 spike-day high at 12813.

Check out the IG Client Sentiment page to find out how changes in positioning in major markets could signal the next price move.

GBPUSD Daily Chart (Watch price action at major t-line)

GBPUSD

GBPUSD Weekly Chart (2016-Present trend-line)

GBPUSD

Helpful Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

DISCLOSURES

News & Analysis at your fingertips.