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
Wall Street
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
More View more
Real Time News
  • China's #Yuan falls 0.28% to 7.1560/USD which is the weakest since September 2019 -BBG
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/Ep6p4HgiAU
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.01% Silver: -0.28% Oil - US Crude: -1.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/uGnOx2D3QE
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇨🇭CHF: -0.08% 🇨🇦CAD: -0.10% 🇪🇺EUR: -0.16% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1fVY4dfYMN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 76.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HZ4bR3qFl2
  • Hey there traders, if you missed this week's session on IGCS where I discussed the #SP500, #FTSE100 and #CAC40, check out the recording on YouTube here - https://t.co/CJhhtY5WDJ
  • RBNZ Governor Orr: Is 'early days' for business lending schemes, expects schemes to be used more in coming months. Some payments from schemes put into bank deposits -BBG
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY due at 01:30 GMT (15min) Previous: -36.7% https://www.dailyfx.com/economic-calendar#2020-05-27
  • The US Dollar seems to have technical setups versus #ASEAN currencies such as the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah, and Philippine Peso that could go either way. Get your ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qOofxVUI8t https://t.co/F6p8jediYz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/fc07BMitLx
GBP/USD Forecast: Uptrend Move At a Crossroads- British Pound Price Outlook

GBP/USD Forecast: Uptrend Move At a Crossroads- British Pound Price Outlook

2020-04-18 23:00:00
Mahmoud Alkudsi, Analyst

GBP/USD Price Technical Analysis

  • Hesitant bulls
  • Trading zones and levels to observe on GBP vs USD chart

GBP/USD- Paused Uptrend Move

On April 10, GBP/USD printed its highest level in four weeks at 1.2487 then retreated after, as some bulls seemed to cut back. Yet, the weekly candlestick closed in the green with 1.5% gain.

This week, the Relative Strength Index (RSI) remained flat above 50, highlighting the lack of impulse to push the price higher.

GBP/USD DAILY PRICE CHART (July 14, 2018 – April 17, 2020) Zoomed out

GBP/USD Daily Price Chart
Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

GBP/USD DAILY PRICE CHART (JAN 30– April 17, 2020) Zoomed IN

GBP/USD Daily Price Chart

From the daily chart, we noticed on Tuesday GBP/USD rallied to 1.2647 – its highest level in nearly five weeks. In the following day, the price U-turned reflecting bull’s reluctance to push the price further. This led the market to decline to current trading zone 1.2364 – 1.2589. Additionally, the market closed below the 50-day average, generating a bearish signal.

A close below the low end of the zone opens the door for a bearish comeback and possibly send GBPUSD towards 1.2195. Further close below that level may encourage bears to press the market towards 1.1958. That said, the weekly support levels underlined on the chart (zoomed in) should be considered.

On the other hand, any close above the high end of the zone may cause a rally towards 1.2830. Further close above that level could extend this rally towards 1.3048. In that scenario, the weekly resistance area and level marked on the chart should be watched closely.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

GBP/USD Four Hour PRICE CHART (Mar 25 – April 17, 2020)

GBP/USD Four-Hour Price Chart

Looking at the four-hour chart, we noticed that on Friday GBP/USD resumed bullish price action as broke above the March 27 high at 1.2485. However, today the pair corrected its uptrend move and carved out a lower high at 1.2522.

A break below 1.2310 would be considered a bearish signal. This could send GBPUSD towards 1.2209. Although, the weekly support level underscored on the chart should be kept in focus. In turn, any break in the other direction i.e. above 1.2615 may start a rally towards 1.2706. Nevertheless, the resistance level at 1.2661 would be worth monitoring.

See the chart to find out more about key levels Cable would encounter in a further bearish /bullish scenario.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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


News & Analysis at your fingertips.