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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: #DailyFXGuides
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • What's the difference between leading and lagging indicators? Find out from here:
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Sidelines Preferred
  • Range between 1.6600 and 1.6765/70 intact
  • Dark Cloud Cover on weekly warns of larger correction

The range between 1.6600 and 1.6765/70 for the Pound remains in force. While a test of the range-top looked possible yesterday, sellers at the 50% Fib Retracement level at 1.6690 acted to cap the GBP/USD’s advance. This has resulted in a Bearish Engulfing candlestick pattern that is threatening a break of the range-bottom at 1.6600.

GBP/USD Range Remains Intact

Forex_Strategy_-_GBPUSD_Range-Bottom_At_1.6600_In_Focus_body_Picture_3.png, Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

4 Hour Chart - Created Using FXCM Marketscope 2.0

A break below 1.6600 may open up the 50% Fib Retracement level on the daily at 1.6536.

GBP/USD Signs of Indecision on Daily

Forex_Strategy_-_GBPUSD_Range-Bottom_At_1.6600_In_Focus_body_Picture_2.png, Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

Daily Chart - Created Using FXCM Marketscope 2.0

The ominous Dark Cloud Cover formation on the weekly at multi-year resistance also remains on the radar, and may be warning of a more significant correction ahead for the Pound.

GBP/USD Weekly Warns of Declines

Forex_Strategy_-_GBPUSD_Range-Bottom_At_1.6600_In_Focus_body_Picture_1.png, Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

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