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.

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
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in US 500 are at opposite extremes with 68.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5qXbmhK4TF
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.05% 🇪🇺EUR: -0.08% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q1uXEuBA1M
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.08% Germany 30: -0.06% France 40: -0.14% Wall Street: -0.52% US 500: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bCGarAMjGk
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/LEzeGkMlO6
  • Market Snapshot: Anti-risk USD and JPY outperforming Growth-linked Australian, New Zealand and Canadian Dollars underperforming Wall Street futures extending losses during Tuesday APAC trade Nikkei 225 (-1.0%), Hang Seng (-2.4%), Shanghai Composite (-1.2%) [delayed] -BBG
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/FyyPehAlJh
  • Thai Debt Chief Rules Out Additional Stimulus Borrowing For Now - BBG
  • The #HSI Hang Seng Index tumbled 2.5% as profit-taking kicked in among tech stocks: - Tencent (-5.94%) - Alibaba (-1.86%) - Meituan (-6.35%) - Xiaomi (-1.64%)
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/egDQcTpU87
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.24% Silver: 0.19% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/iLfFHRMJGq
GBP/USD Forecast: Uptrend Move At a Crossroads- British Pound Price Outlook

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

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.

DISCLOSURES