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
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
GBP/USD
Bearish
USD/JPY
Mixed
Gold
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in France 40 are at opposite extremes with 81.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1y2GkWMVR1
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/Qpujtb2z8I
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.25% Gold: 0.01% Silver: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pwFdAnZnr8
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.07% 🇪🇺EUR: -0.12% 🇨🇦CAD: -0.30% 🇯🇵JPY: -0.69% 🇦🇺AUD: -0.73% 🇳🇿NZD: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aqhg9QbhXp
  • GBP/USD Eyes A Downside Break, Watch This Price - GBP vs USD Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2020/02/20/GBPUSD-Eyes-A-Downside-Break-Watch-This-Price--GBP-vs-USD-Forecast-MK.html https://t.co/gvsS6RX5DT
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.09% US 500: -0.10% France 40: -0.12% Wall Street: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/V2M6TitV2O
  • ECB's De Guindos says the Euro Area economy still needs strong support from monetary policy measures $EUR
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/SexVTCpgJ2
  • Russia's Novak does not state if Russia will support deeper oil output reductions #OOTT
  • 🇬🇧 GBP Retail Sales Ex Auto Fuel (YoY) (JAN), Actual: 1.2% Expected: 0.5% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-02-20
British Pound Rally Fails at Former Support Line

British Pound Rally Fails at Former Support Line

2011-10-03 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Rally Fails at Former Support Line

Prepared by Jamie Saettele, CMT

The GBPUSD has held up quite well but it is noteworthy that the rally from 15327 failed at the underside of former channel support. The channel is meant to identify the end of a 3 wave correction therefore a break below the channel signals that a correction is NOT underway. The subsequent rally failed at the former channel, which is bearish. Look lower towards the 161.8% extension at 15054.

Trend Strength (M,W,D) – (1), (1), (1)

Latest Video

Monthly Forecast

Weekly Forecast

COT

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 and follow hom on Twitter @JamieSaettele.

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

DISCLOSURES

News & Analysis at your fingertips.