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
EUR/USD
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
GBP/USD
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
USD/JPY
Mixed
Gold
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Dax dancing around this trend channel https://t.co/FIL16lwltr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.72%, while traders in France 40 are at opposite extremes with 85.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8OpJesS3E7
  • RT @NickTimiraos: Trump elaborates on his White House meeting with Powell. One question is whether private pressure has any effect when the…
  • LIVE NOW: Join Analyst and Editor @MartinSEssex as he discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead. Register here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • $GBPUSD option market pricing for General election (expiring Dec 13th) - Volatility at +48% with a break-even of 330pips https://t.co/jiLzZolZ0p
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/Uiohe30J5b
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.33% Gold: -0.27% Oil - US Crude: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YPHs0zoO6x
  • RT @YuanTalks: #PBOC governor Yi Gang: #China will step up credit support to the economy and push real lending rates lower; authorities wil…
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇦🇺AUD: 0.18% 🇪🇺EUR: 0.01% 🇯🇵JPY: -0.09% 🇨🇭CHF: -0.16% 🇬🇧GBP: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GewadYWMXP
  • RT @business: The U.S. is conducting more patrols in the South China Sea to send a signal to China, says Defense Secretary Mark Esper https…
GBPUSD: Short on Wedge Support Break

GBPUSD: Short on Wedge Support Break

2011-05-19 09:05:00
Ilya Spivak, Sr. Currency Strategist
Share:

Strategy: Pending Short

GBPUSD completed a Bearish Engulfing candlestick pattern below familiar resistance at 1.6744 and sank to support at the bottom of a Rising Wedge chart pattern carved out over the past 12 months. The setup looks acutely bearish, but a clear break of the Wedge bottom (now at 1.6154) is needed for confirmation to enter short. As such, we will remain on the sidelines for the time being.

GBPUSD_Short_on_Wedge_Support_Break_body_Picture_3.png, GBPUSD: Short on Wedge Support Break

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.