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
Oil - US Crude
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
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/paOy1oQmn3
  • US indices have a packed week ahead with earnings from the major technology names, US GDP data due and an FOMC rate decision. With so much on the docket the potential for volatility is heightened. Get your stock market forecast from @PeterHanksFX here: https://t.co/CH4WoStHvu
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
Forex Strategy: GBP/USD Eyes 2014 Highs Near 1.6770 As Bears Retreat

Forex Strategy: GBP/USD Eyes 2014 Highs Near 1.6770 As Bears Retreat

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: sidelines preferred
  • Break above key resistance levels puts 2014 highs in sight
  • Absence of key reversal pattern indicates bears in retreat

GBP/USD has staged an exceptional about-face in recent trading. After edging above the key 1.6600 handle the Pound bulls have taken charge of prices and look to be making a run on 1.6750. The staggering bounce for the pair has likely caught the bears off-guard given it was not preceded by a key reversal pattern. Sellers are likely sitting near the 2014 highs at the 1.6770 mark which may act to slow the pair’s advance.

GBP/USD: Bulls Take Charge

Forex-Strategy-GBPUSD-Eyes-2014-Highs-Near-1.6770-As-Bears-Retreat_body_Picture_3.png, Forex Strategy: GBP/USD Eyes 2014 Highs Near 1.6770 As Bears Retreat

Daily Chart - Created Using FXCM Marketscope 2.0

Examining intraday price action using the four hour chart below; signs of hesitation from the bears were indicated by the emergence of several Doji formations near support at 1.6568/70. With prices powering through prior intraday resistance and a bearish signal missing, the pair may be set for continued gains.

GBP/USD: Dojis Signal Retreat By The Bears

Forex-Strategy-GBPUSD-Eyes-2014-Highs-Near-1.6770-As-Bears-Retreat_body_Picture_2.png, Forex Strategy: GBP/USD Eyes 2014 Highs Near 1.6770 As Bears Retreat

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. However, a Piercing Line pattern has also recently emerged and although it awaits confirmation, it suggests the bulls haven’t given up on the pair just yet.

GBP/USD: Bulls Return As Piercing Line Forms on Weekly

Forex-Strategy-GBPUSD-Eyes-2014-Highs-Near-1.6770-As-Bears-Retreat_body_Picture_1.png, Forex Strategy: GBP/USD Eyes 2014 Highs Near 1.6770 As Bears Retreat

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