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
GBP/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
USD/JPY
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
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • There is an opening in the market research space for trading advice written in faux Shakespearean prose https://t.co/PRGo1v3uNn
  • Gold shifts down to test December 3rd lows $XAUUSD $GLD https://t.co/p4SVib99xC
  • White House Advisor Kudlow says the US appreciates China giving product waivers on AG products -BBG
  • Spot $EURUSD fluctuates +/- 36 pips on average in response to monthly US nonfarm payrolls data, which compares to +/- 4 pips on average otherwise. Get your EUR/USD market update from @RichDvorakFX here: https://t.co/75hjsD9NB9 https://t.co/2lL7I0nVQb
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.14% 🇯🇵JPY: 0.06% 🇦🇺AUD: -0.09% 🇨🇭CHF: -0.42% 🇪🇺EUR: -0.54% 🇨🇦CAD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rnKHUSKJZE
  • And, if you pair that strong NFPs beat to the biggest drop in Canadian jobs (-71,200) since January 2009, you get a $USDCAD move like this https://t.co/ijbs7NAkAM
  • Larry Kudlow says there are no plans for the US and China to meet at present, as time before the December 15 tariff hike dwindles $SPX
  • Hey traders! What market topic are you rooting for in the upcoming Trading Global Markets Decoded #podcast episode featuring @DailyFX Sr Currency Strategist, @IlyaSpivak and Analyst, @JMcQueenFX? Vote for your choice of topic below👇!
  • $DXY continues to move higher on upbeat NFP and U.Mich sentiment data from this morning https://t.co/vuT4KfgAyf
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.08% France 40: 0.98% US 500: 0.90% Germany 30: 0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YA0N8DY04i
GBP/USD Probing Below 1.6900 With Reversal Patterns Lacking

GBP/USD Probing Below 1.6900 With Reversal Patterns Lacking

2014-07-31 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • GBP/USD Technical Strategy: Shorts Preferred
  • Evening Star Offered Warning of Weakness Ahead
  • Void Of Bullish Signals Casts Doubt On A Recovery

GBP/USD’s woes have continued following an Evening Star formation on the daily near the pair’s 2014 highs at 1.7170. At this stage buyers appear prepared to support the Pound near the 1.6900 handle which could lead a small corrective bounce. However, an absence of bullish reversal signals casts doubt on the potential for a sustained recovery. A daily close below 1.6900 would open the 1.6830 mark.

GBP/USD: Absence Of Bullish Signals Casts Doubt On A Recovery

GBP/USD Probing Below 1.6900 With Reversal Patterns Lacking

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

An examination of the four hour chart reveals a Bullish Engulfing pattern that yielded an intraday bounce for GBP/USD. However, with 1.6930 capping the pair’s advance it may be difficult for any strength to be sustained.

GBP/USD: Bulls Run Into Wall Following Reversal Formation

GBP/USD Probing Below 1.6900 With Reversal Patterns Lacking

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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

News & Analysis at your fingertips.