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
Oil - US Crude
Bearish
Wall Street
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
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇯🇵 JPY Tankan Small Non-Manufacturing Outlook (1Q) due at 23:50 GMT (15min), Actual: N/A Expected: -15 Previous: 1 https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇯🇵 JPY Tankan Large All Industry Capex (1Q) due at 23:50 GMT (15min), Actual: N/A Expected: 2.5% Previous: 6.8% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇯🇵 JPY Tankan Large Manufacturers Outlook (1Q) due at 23:50 GMT (15min), Actual: N/A Expected: -15 Previous: 0 https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇯🇵 JPY Tankan Large Non-Manufacturing Index (1Q) due at 23:50 GMT (15min), Actual: N/A Expected: 3 Previous: 20 https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇯🇵 JPY Tankan Large Manufacturing Index (1Q) due at 23:50 GMT (15min), Actual: N/A Expected: -10 Previous: 0 https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇯🇵 JPY Loans & Discounts Corp (YoY) (FEB) due at 23:50 GMT (15min), Actual: N/A Expected: N/A Previous: 2.2% https://www.dailyfx.com/economic-calendar#2020-03-31
  • RT @FirstSquawk: Chinese Officials Are Actively Pushing For Tariffs Cuts And Removal Of Trade Barriers To Help The Global Economy Cushion T…
  • This session starts in about 30 min, today's webinar will revolve around major benchmark stock indexes to see how positioning could impact the road ahead with key technical levels in focus. Signup below! https://t.co/4br2H1Uz6p
  • In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZbYR5 https://t.co/tLFeaAwRqE
Forex Strategy: GBP/USD Eyes 1.6600 Following Bullish Engulfing Pattern

Forex Strategy: GBP/USD Eyes 1.6600 Following Bullish Engulfing Pattern

2014-03-26 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • GBP/USD Technical Strategy: Sidelines preferred
  • Former support-turned-resistance at 1.6600 may limit bounce
  • Dark Cloud Cover on weekly warns of larger correction

The Pound has retraced some of its recent declines following the break below the range-bottom at 1.6600. However, the absence of a bullish reversal signal on the daily is notable, which suggests that the bulls may run out of steam as we head back towards the original breakout point.

GBP/USD: Retracement May Falter

Forex-Strategy-GBPUSD-Eyes-16600-Following-Bullish-Engulfing-Pattern_body_Picture_3.png, Forex Strategy: GBP/USD Eyes 1.6600 Following Bullish Engulfing Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a reversal signal is indicated by the Bullish Engulfing formation near support at 1.6460. A bearish pattern is lacking in intraday trade suggesting the potential for further gains in the session ahead with sellers likely to emerge at the 1.6568/70 mark.

GBP/USD: Bulls Move In After Reversal Pattern in Intraday Trade

Forex-Strategy-GBPUSD-Eyes-16600-Following-Bullish-Engulfing-Pattern_body_Picture_2.png, Forex Strategy: GBP/USD Eyes 1.6600 Following Bullish Engulfing Pattern

4 Hour 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 is threatening a more significant correction ahead for the Pound. A potential target is offered by the 23.6% Fib Retracement Level near 1.6350.

GBP/USD Weekly Continues To Offer Warning

Forex-Strategy-GBPUSD-Eyes-16600-Following-Bullish-Engulfing-Pattern_body_Picture_1.png, Forex Strategy: GBP/USD Eyes 1.6600 Following Bullish Engulfing Pattern

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.