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
Bearish
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
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
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • RT @FactSet: 8 of 11 $SPX sectors are reporting a year-over-year decline in net profit margins in Q4. https://t.co/r5Kt2kmUKC https://t.co/…
  • 🇦🇺 AUD Westpac Consumer Confidence (JAN), Actual: -1.8% Expected: N/A Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-01-21
  • Now, $BTCUSD has rebounded to probe the 200-day simple moving average around $9,000. Will $BTC continue higher or will the technical barrier mark the end of the rally? Find out from @PeterHanksFX here:https://t.co/y7dxsrhIK2 https://t.co/m1Gz9uuCT4
  • Heads Up:🇦🇺 AUD Westpac Consumer Confidence (JAN) due at 23:30 GMT (15min), Actual: N/A Expected: N/A Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-01-21
  • Hey there traders! In today's session on IG Client Sentiment, I will be covering the outlook for FX based on key event risk ahead: #CAD, #EUR, #AUD and #NZD. Join me in about 2 hours here - https://www.dailyfx.com/webinars/998956395?CHID=9&QPID=917702
  • The $CAD has been quiet of recent, and the $USD the same; but tomorrow brings Canadian CPI followed by a Bank of Canada rate decision, setting the stage for a possible break. Get your market update from @JStanleyFX here: https://t.co/z5BedWOJ47 https://t.co/Ie3qa3iFqV
  • $GBPUSD Daily Pivot Points: S3: 1.2891 S2: 1.2943 S1: 1.2976 R1: 1.3028 R2: 1.3047 R3: 1.3099 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $EURUSD Daily Pivot Points: S3: 1.1039 S2: 1.1065 S1: 1.108 R1: 1.1106 R2: 1.1117 R3: 1.1143 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Event Risks for tomorrow includes $CAD Consumer Price Index (YoY) (DEC) and the BOC Rate Decision https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/sQbtKMlcw9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.28% 🇨🇭CHF: -0.04% 🇨🇦CAD: -0.17% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zjiSWRqBuF
British Pound Short Term Head and Shoulders Possibly Developing

British Pound Short Term Head and Shoulders Possibly Developing

2011-03-16 14:32:00
Jsaettele,
Share:

240 Minute Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Short Term Head and Shoulders Possibly Developing

Prepared by Jamie Saettele

Near term, Cable may be carving out a head and shoulders pattern. Resistance extends to 16200/50. Price is respecting its 50 day average but I do expect a breakdown as the larger pattern is a triangle from the 2008 low. Weakness from the March high is viewed as wave D and should eventually drop below 15000. Interest rate differential and a proprietary indicator that compares interest rate differential trend and price trend favor the downside as does COT positioning. A break of the 50 day average would shift focus to the support line that extends off of the May and December lows, which intersects 15750 (pivot low) on Friday.

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

DISCLOSURES

News & Analysis at your fingertips.