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
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
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
Wall Street
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
GBP/USD
Bearish
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
More View more
Real Time News
  • Heads Up:💶 Economic Sentiment due at 09:00 GMT (15min) Expected: 70.3 Previous: 67 https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:💶 Industrial Sentiment due at 09:00 GMT (15min) Expected: -27 Previous: -30.4 https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:💶 Consumer Confidence Final due at 09:00 GMT (15min) Expected: -18.8 Previous: -22.0 https://www.dailyfx.com/economic-calendar#2020-05-28
  • Merece la pena leer https://t.co/hzhMRkEUFu
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/4C1a33u95m
  • $GBPUSD: #China, #HongKong , #Brexit, todo pesa sobre #GBPUSD en su intento de superar 1.23 #trading https://t.co/NtCoq0K3MW
  • #Equities: US futures on the front-foot with market participants returning from their elongated break, which in turn sees the S&P 500 pierce the psychological 3000. Get your #equities market update from @JMcQueenFX here: https://t.co/7O447VkToZ https://t.co/t9KDTYEZsb
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.01%, while traders in US 500 are at opposite extremes with 76.88%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ylaacf3TiF
  • Heads Up:🇮🇹 Business Confidence due at 08:00 GMT (15min) Expected: 79 Previous: 89.5 https://www.dailyfx.com/economic-calendar#2020-05-28
  • Heads Up:🇮🇹 Consumer Confidence due at 08:00 GMT (15min) Expected: 88.5 Previous: 101 https://www.dailyfx.com/economic-calendar#2020-05-28
FOREX Analysis: GBP/USD Viewed as Constructive against 16000

FOREX Analysis: GBP/USD Viewed as Constructive against 16000

2012-12-10 23:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, FOREX Analysis: GBP/USD Viewed as Constructive against 16000

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The 61.8% retracement in the GBPUSD held and price has returned to the top of the late November range. Like the EURUSD, the GBPUSD decline from the September high is corrective and the rally from 15822 is an impulse. Look lower over the course of December but with an interruption (B wave). 15940 (61.8%) and 15960 (former 4th wave) are probable supports but probably not until later in the month.” Corrective weakness may have ended Friday. Near term structure isn’t especially clear so it’s probably best to stick with the trend that has prevailed for roughly the last month, which is up. Expect near term resistance at or just below 16100.

FOREX Trading Strategy: Lack of near term clarity leaves me on the sidelines. EURGBP is actually a cleaner setup. As mentioned last week, “The euro is the mover of the EURGBP cross these days” and as such I prefer to trade the EURUSD.

LEVELS: 15961 16001 16051 16097 16130 16174

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

DISCLOSURES

News & Analysis at your fingertips.