Skip to Content
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
More View More
British Pound Price Forecast: GBP/CAD, GBP/AUD, GBP/CHF

British Pound Price Forecast: GBP/CAD, GBP/AUD, GBP/CHF

Daniel Dubrovsky, Senior Strategist

British Pound, GBP/CAD, GBP/AUD, GBP/CHF - Technical Forecast

British Pound Technical Analysis

Taking a look at my majors-based British Pound index, which averages GBP against EUR, JPY, AUD and USD, Sterling has generally been idling for almost 3 weeks. On the whole, it still finds itself in a downward bias since prices closed under key rising support from August 2019 – blue lines on the daily chart below. The falling trend line from March – pink line – seems to be guiding GBP lower. Taking out immediate support below (0.1102 – 0.1106) could open the door to general Sterling selling pressure from a technical view.

Starts in:
Live now:
Dec 06
( 22:12 GMT )
Recommended by Daniel Dubrovsky
What Do Other Traders' Buy/Sell Bets Say About Price Trends?
Register for Webinar
Join Now
Webinar Has Ended

Majors-Based GBP Index – Daily Chart

Majors-Based GBP Index Daily Chart

Chart Created in TradingView

*Majors-Based GBP Index Averages Sterling Versus EUR, JPY, AUD and USD

GBP/CAD Technical Outlook

Despite recent selling pressure, GBP/CAD remains in a dominant uptrend as prices test the 1.6851 – 1.6920 inflection point on the daily chart below. Rising support from August has been offering an upside tilt that still hold – pink lines. As such, GBP/CAD could be at a turning point here if these two technical barriers holds. That may open the door to revisiting former support which could stand in the way as new resistance between 1.7184 – 1.7277. Otherwise, taking out rising support exposes lows from March.

What are some unique aspects of trading forex?

GBP/CAD - Daily Chart

GBP/CAD - Daily Chart

Chart Created in TradingView

GBP/AUD Technical Outlook

The dominant downside tilt in GBP/AUD remains after the pair extended its selloff after closing under rising support from late July – red line. Now the pair is testing the next formidable support area between 1.8077 – 1.8153. If this range holds, it may push the pair to pressure the falling trend line from the March top – pink line. That may reinstate the downside focus. Further losses would expose 2019 lows which would make for a range of support between 1.7562 – 1.7673. Otherwise, a turn higher opens the door to testing 1.8547 – 1.8653.

Top Trading Lessons
Top Trading Lessons
Recommended by Daniel Dubrovsky
Top Trading Lessons
Get My Guide

GBP/AUD – Daily Chart

GBP/AUD Daily Chart

Chart Created in TradingView

GBP/CHF Technical Outlook

GBP/CHF remains in a consolidative mode since April, with the pair seemingly rejecting key resistance between 1.2144 – 1.2205. A turn lower from here places the focus on the 1.1875 – 1.1917 inflection range towards 1.1672 – 1.1725. The latter area could open the door for another bounce which would prolong the consolidative setting. If not, then that falling further would expose March lows (1.1118 – 1.1200). Pushing above resistance opens the door to potentially revisiting January lows around 1.2530.

GBP/CHF - Daily Chart

GBP/CHF - Daily Chart

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES