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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
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
Wall Street
Bearish
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
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Oil - US Crude: 0.42% Gold: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/N0Fo4mM16G
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.37% 🇳🇿NZD: 0.34% 🇨🇦CAD: 0.22% 🇬🇧GBP: 0.14% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/IBkW89Ji1M
  • Japanese Chief Cabinet Secretary Kato: Vaccination supply for population to be secured by 1H of this year - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 66.75%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KdbuJBLZMr
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/uET2gQBedj
  • Japanese Finance Minister Aso: - The fiscal situation of Japan has deteriorated - Virus relief cash handouts were difficult to execute - 2025 primary balance goal now more difficult to achieve - BBG
  • The Hang Seng Index surged over 2% as the Hong Kong-Shanghai stock connection registered a large amount of southbound inflow, reflecting strong appetite from mainland investors. https://t.co/SRNPoDcKns
  • Central Bank of Sri Lanka leaves the Standing Deposit Facility Rate and the Standing Lending Facility Rate unchanged at 4.50% and 5.50%, respectively.
  • Treasury Secretary nominee Janet Yellen’s Senate hearing is in focus today. Her comments may serve as a fresh catalyst for the Greenback, after it registered a 1.5% gain over the last two weeks. https://t.co/Nfk58cLjpo
  • EUR/JPY IG Client Sentiment: Our data shows traders are now net-long EUR/JPY for the first time since Nov 25, 2020 when EUR/JPY traded near 124.40. A contrarian view of crowd sentiment points to EUR/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/aKU40MgWoq
GBP/USD Pushes Higher As Traders Look Past Doji Candlestick

GBP/USD Pushes Higher As Traders Look Past Doji Candlestick

David de Ferranti, Currency Analyst

Talking Points

  • GBP/USD Technical Strategy: Longs Preferred
  • Further gains possible in absence of bearish signal
  • Dojis on the daily and four hour charts hinted at a bounce

After teasing at a breakout above the critical 1.6820 mark in European trading yesterday, the Pound gave back much of its gains, resulting in the formation of a Doji candlestick on the daily. While typically a sign of indecision amongst traders, it has failed to stir the bears. A daily close above 1.6820 would offer new long opportunities with definitive resistance at the November 2009 high near 1.6870.

GBP/USD: Aiming At 1.6870

GBP/USD Pushes Higher As Traders Look Past Doji Candlestick

Daily Chart - Created Using FXCM Marketscope 2.0

Intraday price action reveals a drawn-out struggle between the bulls and bears between 1.6750 and 1.6840. While it appeared that the bulls had won out following the pop above 1.6840, the pair was quick to retrace much of its gains signaling a lack of conviction amongst traders.

GBP/USD: Evening Star Fails To Receive Confirmation

GBP/USD Pushes Higher As Traders Look Past Doji Candlestick

4 Hour Chart - Created Using FXCM Marketscope 2.0

The Piercing Line pattern on the weekly helped to herald the return of the bulls. The perspective from the daily chart helps highlight the significance of the recent breakout to multi-year highs.

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

GBP/USD Pushes Higher As Traders Look Past Doji Candlestick

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.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES