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
GBP/USD
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
More View more
Real Time News
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here: https://t.co/n0CVWWOJDe https://t.co/0uLjsQ2gwM
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/nfiFAlyYXv
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0unrdT https://t.co/mIsVJ4zTbB
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/hymrumanUY
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfs2Iz https://t.co/6dAqxsVfxJ
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here: https://t.co/Xu3ZT7EtrW https://t.co/5VHKn52MaA
  • 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/nAa0fHq4Np https://t.co/mf9rsmIvaW
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/mYWO0Eta0P
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here: https://t.co/ZvEMQuFjSs https://t.co/rMmq9cehnY
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/tm4k3IVzHr
Cardano (ADA/USD) Explodes as the Crypto Comeback Continues

Cardano (ADA/USD) Explodes as the Crypto Comeback Continues

James Stanley, Senior Strategist

Cardano Talking Points:

  • Cardano put in a massive breakout today with prices testing the two-month-high.
  • The introduction of smart contracts after the Alonzo hard fork may put Cardano on a more competitive basis with Ethereum.
Advertisement

Crpytocurrencies have been well bid over the past three weeks, evidenced by the +50% run in Bitcoin and the +80% move in Ethereum. But the cryptocurrency making the most waves today is neither of the big ones, nor is it anything related to dogs or Shiba Inus.

Cardano is the cryptocurrency on the move today, and there were a couple of different news items helping to drive the flow. The founder of Cardano, Charles Hoskinson, who is also a co-founder of Ethereum announced that he’d announce an exact date of the upcoming Alonzo hard fork this Friday. This will enable Cardano to house smart contracts on its network, similar to Ethereum, and this move will make the cryptocurrency more competitive from that vantage point. And considering that Cardano is a proof-of-stake currency, the introduction of smart contracts can massively increase its possible utility considering that one of the primary qualms against cryptocurrencies is the energy expenditure entailed.

The green advantage for Cardano might be short lived, however, as Ethereum co-founder Vitalik Buterin announced last week that Ethereum is ready for its next upgrade, transitioning to a proof-of-stake concept along the way that will reduce energy use by up to 99%.

On the chart, today’s rally in Cardano helps to cap an astounding three-week-run in which price has gained as much as 85% from the July 20 low. Resistance at this point is showing just inside of the 1.8900 level, and this presents a possible point of reference to use for breakout scenarios. The support base from early-July, while consistent, is so far away from current price that it brings little value to near-term analysis. More interesting, however, for potential support is the price just inside of the 1.5000 level, taken from prior resistance.

Cardano (ADA/USD) Daily Price Chart

Cardano Daily Price Chart

Chart prepared by James Stanley; Cardano on Tradingview

--- Written by James Stanley, Senior Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES