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
Bearish
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The $JPY is overwhelmingly in the grip of fundamental and macro action, but $USDJPY charts show the pair in a fascinating spot. Get your market update from @DavidCottleFX here:https://t.co/nD8RuyzvGG https://t.co/uAp5lVBVsN
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.04% Silver: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/owUiiLQFGA
  • Since early February, the economic news flow from Australia has been increasingly out-performing relative to economists’ expectations – Citi. #AUD
  • Polls are suggesting Canadian Prime Minister Justin Trudeau is set to secure a second term, though he may not be able to command an outright majority and will have to rely on other parties to govern - BBG #CanadianDollar #CAD #CanadaElection2019
  • $USDCAD little changed on preliminary results in #CanadaElection2019 that Trudeau's party is expected to win. Unclear yet if a minority or majority. Focus for the #Loonie seems to be on risk trends as #SP500 futures trims prior gains in Asia trade - https://t.co/QriyVBMM0w https://t.co/i2NNk1fNYe
  • Trudeau’s liberals projected to win Canada Election -Bloomberg quoting CTV
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.25% 🇬🇧GBP: 0.14% 🇨🇦CAD: 0.06% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.04% 🇨🇭CHF: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RbMmTVJpMj
  • RT @CBCAlerts: BREAKING: CBC is projecting a Liberal government. Whether it will be a minority or majority government remains to be seen.
  • RT @LiveSquawk: Chinese Vice Foreign Min: We Have Achieved Some Progress In Trade Talks With The US; Hopeful An Agreement Will Be Reached
  • LIVE NOW Join Senior Strategist @IlyaSpivak as he discusses the technical and fundamental AUD/USD outlook for the week ahead. Register here: https://www.dailyfx.com/webinars/378612179?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
GBP/USD Dip is Corrective; Another Push Higher Soon?

GBP/USD Dip is Corrective; Another Push Higher Soon?

2013-12-23 17:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Dip is Corrective; Another Push Higher Soon?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-GBPUSD is doing what GBPUSD does. Since 12/10 the rate has traded to a YTD high, 3 week low, and another YTD high. The move to a new high on Wednesday is suspicious given the inability of EURUSD to attain a YTD high.

-Weekly action engulfs the prior 2 weeks already. We should at least be able to use this current week’s range as a point of reference to work from moving forward.

-Watch for support at 1.6260/75 and/or the trendline that extends off of the Jul and Nov lows.

Trading Strategy: Flat

LEVELS: 1.6216 1.6262/73 1.6328 | 1.6429 1.6500 1.6618

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

DISCLOSURES

News & Analysis at your fingertips.