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
Mixed
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
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2VlkpJi https://t.co/GgQN6zFGG0
  • My trading video for today: 'S&P 500 Closes Best Week in 45 Years Unperturbed by Data, Helped by Fed' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/10/SP-500-Closes-Best-Week-in-45-Years-Unperturbed-by-Data-Helped-by-Fed.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.22%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/35HQhfNLVr
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇨🇦CAD: 0.11% 🇪🇺EUR: 0.09% 🇬🇧GBP: 0.04% 🇦🇺AUD: 0.03% 🇳🇿NZD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eTpRMCtc2k
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/okA8WJ8OLb
  • #Gold prices well-supported as keeping interest rates ultra-low in response to the 2008 global financial crisis proves problematic for fighting the next one, the #coronavirus outbreak. Get your $XAUUSD market update from @DavidCottleFX here:https://t.co/zNpjufGv2b https://t.co/iUtAYQYi8D
  • #Dow Jones, DAX 40 and CAC 40 short exposure has been rising alongside their recent ascents. What can this mean for the outlook in global stock markets? Find out from @ddubrovskyFX here:https://t.co/NBlD6xlQRb https://t.co/Ra6C480Czl
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BBFCXmkgWy
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.00% 🇪🇺EUR: -0.01% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.09% 🇨🇦CAD: -0.11% 🇳🇿NZD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sN5ig7prHE
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.33%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lm7hFY5ytq
Forex Strategy - GBP/USD Range-Bottom At 1.6600 In Focus

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

2014-03-14 11:49:00
David de Ferranti, Currency Analyst
Share:

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.

DISCLOSURES

News & Analysis at your fingertips.