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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇮🇩 Balance of Trade (MAY) due at 04:00 GMT (15min) Expected: $2.3B Previous: $2.19B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/dObQjwTEpH
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/K8PLT8SVEb
  • We are within 48 hours of the FOMC rate decision and markets are clearly paying attention. The Dow is struggling while the SPX has edged a fresh record. Meanwhile, the Dollar is a deer in the headlines. I discuss what to expect for Tuesday trade: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/15/Dow-and-SP-500-Diverge-Ahead-of-FOMC-Dollar-Holds-as-Gold-and-Yields-Slide.html https://t.co/J0H5HirVh0
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/kZJKbmUZs7
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.26% Gold: -0.23% Silver: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0B7tF2adjQ
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.00% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.06% 🇳🇿NZD: -0.08% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/VeKOeAWOt9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in EUR/CHF are long at 75.00%, while traders in France 40 are at opposite extremes with 79.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ZYFoi1huEb
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/y0zq7YdcRf
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-15
GBP/USD to Track December Range Ahead of Brexit Deadline

GBP/USD to Track December Range Ahead of Brexit Deadline

David Song, Strategist

British Pound Talking Points

  • GBP/USD may face range bound conditions ahead of the Brexit deadline as the decline from earlier this month fails to spur a test of the December low (1.2896).

Technical Forecast for British Pound: Bullish

GBP/USD has been largely influenced by the Brexit saga as the UK remains committed in leaving the European Union (EU), but the exchange rate may face range-bound conditions ahead of the January 31 deadline as the reversal from the 2019 low (1.1958) appears to have run its course.

During the correction, GBP/USD took out the March high (1.3381), with the appreciation in the exchange rate pushing the Relative Strength Index (RSI) above 70 and into overbought territory.

However, GBP/USD appears to be stuck within the December range as the decline fromthe start of 2020 fails to generate a test of last month’s low (1.2896). Developments in the RSI highlight a similar dynamic as the oscillator falls back from overbought territory, with the indicator snapping the upward trend from August.

In turn, GBP/USD may continue to consolidate as the bullish momentum abates, and the exchange rate may stage a larger rebound over the coming days as it carves a series of higher highs and lows from the weekly low (1.2954).

GBP/USD Daily Chart

GBPUSD Daily Chart

Source: Trading View

The technical outlook for GBP/USD has become less eventful compared to the volatility seen at the end of 2019 as the decline from the start of the yearappears to have stalled ahead of the December low (1.2896).

As a result, GBP/USD may face range-bound conditions ahead of the Brexit deadline as the Fibonacci overlap around 1.2890 (23.6% expansion) to 1.2950 (23.6% expansion) appears to be providing support, which largely lines up with the December low (1.2896).

The rebound from the monthly low (1.2954) may gather pace as GBP/USD carves a series of higher highs and lows, with a break/close above 1.3090 (38.2% retracement) raising the scope for a move towards the overlap around 1.3310 (100% expansion) to 1.3370 (78.6% expansion).

--- Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES