News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
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
More View more
Real Time News
  • Heads Up:🇩🇪 Inflation Rate MoM Prel (JUL) due at 12:00 GMT (15min) Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇩🇪 Inflation Rate YoY Prel (JUL) due at 12:00 GMT (15min) Expected: 3.3% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-07-29
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Puri16DprK
  • 🇪🇸 Business Confidence (JUL) Actual: 1.9 Previous: -0.9 https://www.dailyfx.com/economic-calendar#2021-07-29
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.53%, while traders in France 40 are at opposite extremes with 71.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cpwf1asRZe
  • Please join @CVecchioFX at 7:30 EST/11:30 GMT for his central bank monthly webinar. Register here: https://t.co/xRVdZJNZom https://t.co/C45D6aPRIc
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 2.08% Gold: 0.86% Oil - US Crude: 0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gWiVFBgXuV
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.67% 🇨🇦CAD: 0.47% 🇬🇧GBP: 0.38% 🇪🇺EUR: 0.28% 🇨🇭CHF: 0.18% 🇯🇵JPY: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bdhmxpyRrk
  • Heads Up:🇪🇸 Business Confidence (JUL) due at 10:30 GMT (15min) Previous: -1.1 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.81% France 40: 0.72% Wall Street: 0.43% Germany 30: 0.33% US 500: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/udphpYMn5y
GBP/USD Focus is on Selling above 1.6000

GBP/USD Focus is on Selling above 1.6000

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_gbp-usd_1_body_gbpusd.png, GBP/USD Focus is on Selling above 1.6000

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The Jan 2nd close at 1.6252 nailed the high so far, which came in at 1.6259. Resistance is reinforced by a 4 year resistance line.

-A key reversal week (new high and close below prior close) unfolded last week and EURGBP (see 2 Friday’s ago) technicals are favorable for a more important top forming in GBPUSD.

-A head and shoulders top has been confirmed. Underside of the neckline (red) is now estimated resistance along with former lows from 1.6000-1.6030.

Trading Strategy: Market has found a trendline and channel support confluence. This is a good place for a rally to begin. Looking to short 1.6030 with a 1.6075 stop. Target areas are 1.5715/50 and 1.5605. GBPAUD and GBPNZD shorts at 1.6950 and 1.9300 have been triggered. Stops are moved to 1.6960 and 1.9360. I’m in this for a break and am not setting hard limits just yet.

LEVELS: 1.5840 1.5875/85 1.5940 | 1.5985 1.6005 1.6031

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

DISCLOSURES