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
GBP/USD
Mixed
USD/JPY
Bearish
Gold
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
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • Tune in to @PeterHanksFX 's #webinar at 11:00 PM ET/4:00 PM GMT as he discusses the weekly stock market outlook. Register here: https://t.co/Rwbt9avERj $SPX #Dow https://t.co/HglE2yqqUy
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.09%, while traders in US 500 are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JKzD1Vo6yG
  • Great synopsis of the market compared to the January 2018 and September 2018 peaks by @LJKawa via @markets What Markets Looked Like Just Ahead of Last Two Stock Downturns https://t.co/U18A1uAcLh
  • #Gold: The longer-term bullish trend remains in-tact, however, as that early-November sell-off found support at the 38.2% Fibonacci retracement of the summer breakout.Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/21sWdbHbEC $gld https://t.co/EyovKNE1k8
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.68% Gold: -0.13% Silver: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yHvcXHYVJi
  • $AUDUSD: Aussie edging lower driven largely by receding US-China trade war optimism and loose language from the RBA minutes published earlier this week, but the #forex pair is so far trying to keep its head above the 0.6800 handle https://t.co/XNjA9Xsily
  • $ES_F: S&P 500 Futures tapped out slightly above the 3,130 mark yesterday with equities and risk appetite slumping amid rising doubts that the US and China will finalize a phase one trade agreement https://t.co/o5Qd8cFp7n
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.19% France 40: -0.20% Wall Street: -0.25% Germany 30: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sdpQ3XBaoC
  • $XAUUSD: Make or break level for gold over its short-term direction. A rejection after a healthy rebound to the $1,480 level but currently clinging onto confluent support around $1,470. Aside from trade talks, FOMC minutes due today at 19:00 GMT could give the commodity a jolt. https://t.co/KNa1jANpxw
  • RT @economics: Minutes of the Fed's October FOMC meeting will be released Wednesday. Here's what economists will looking for https://t.co/4…
British Pound Trendline Support at 16070-Measured Level at 16040

British Pound Trendline Support at 16070-Measured Level at 16040

2011-05-18 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Trendline Support at 16070-Measured Level at 16040

Prepared by Jamie Saettele, CMT

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 just above there today. A break below the 16040 area would shift focus to the 3/26 low at 15936, which is reinforced by the 200 day average. With the EURUSD appearing to find at least a temporary low, one would expect Cable to do the same. Initial resistance is 16270.

Support/Resistance Index (M,W,D) – (3), (1), 0

Latest VideoMonthly ForecastWeekly ForecastCOT

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.