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
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • German Bund Yields Update: 2-Year: -0.638% 3-Year: -0.671% 5-Year: -0.583% 7-Year: -0.517% 10-Year: -0.338% 30-Year: 0.176%
  • RT @BobOnMarkets: So, Bloomberg News just published its monthly survey of 21 or so Wall Street strategists on where they see the S&P 500 en…
  • $USDJPY Daily Pivot Points: S3: 107.96 S2: 108.33 S1: 108.55 R1: 108.93 R2: 109.08 R3: 109.45 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.39% 🇪🇺EUR: 0.17% 🇨🇦CAD: 0.14% 🇨🇭CHF: 0.00% 🇳🇿NZD: -0.09% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hETwZGND7E
  • This week's ECB meeting minutes should be interesting to watch especially in light of the US-China #tradewar. Stay tuned for more in-depth analysis.
  • You also have to take into account the demographic factor whereby the wide-spread graying of Europe (and soon the US) will further sap inflationary pressure. As people age, they spend less of their income because unlike their younger years, they aren't trying to accumulate stuff.
  • Europeans are going to have to find a way to reconcile that because cutting rates deeper into negative territory I don't think is going to give the same stimulative effect as when rates were higher. Plus they've already got QE going on indefinitely.
  • "Policymakers therefore have to find a way to reconcile maintaining the institutional integrity of the growth and stability pact – in order to prevent states from flirting with sovereign debt crises and wrecking the Eurozone – and letting members exercise greater fiscal autonomy"
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.43% Gold: 0.19% Oil - US Crude: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FnkOcMGqdx
  • $EURUSD Daily Pivot Points: S3: 1.0957 S2: 1.0999 S1: 1.1026 R1: 1.1069 R2: 1.1084 R3: 1.1126 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
British Pound Tests Former Low at 16165

British Pound Tests Former Low at 16165

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Tests Former Low at 16165

Prepared by Jamie Saettele, CMT

Cable has tested the 4/18 low at 16165 although focus remains on the 100% extension of the decline from 16476 is at 16041. A line that extends off of the May 2010 and December 2010 lows is at 16072 today and increases about 7 pips per day. Continued strength into resistance (16270-16370) would present a short opportunity against 16520.

Support/Resistance Index (M,W,D) – (2), (1), (3)

Latest Video

Monthly Forecast

Weekly Forecast

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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

DISCLOSURES

News & Analysis at your fingertips.