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
Bullish
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
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The #Euro and crude #oil prices will be at the mercy of ongoing OPEC+ and Eurozone negotiations as members from each respective group attempt to reach a consensus on policy. Get your market update from @ZabelinDimitri here: https://t.co/PCH5bzb3WQ https://t.co/4IWL37kuFR
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2Vl2ORK https://t.co/dLfjOEe7Px
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.03% Silver: 0.88% Gold: 0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PsYoOAnuta
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇭CHF: -0.01% 🇨🇦CAD: -0.07% 🇦🇺AUD: -0.12% 🇯🇵JPY: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2ll7Xn9yls
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.65%, while traders in US 500 are at opposite extremes with 75.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gWMQgg6c9c
  • Get your crude oil outlook ahead of the #OPEC meeting⬇️ https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/07/Euro-Crude-Oil-May-Suffer-From-OPEC--Eurozone-Political-Rifts.html
  • Australian Dollar cautiously lower following the #RBA financial stability review $AUDUSD #AUD - https://t.co/svZHeMCPoW
  • RBA: Tighter lending standards improved quality of household debt -BBG
  • RBA: Work-from-home increases banks' operational risks. Many households to find finances under strain during virus -BBG
  • RBA: Unclear how shutdown will affect property prices, mortgage holidays should help avoid large rise in arrears -BBG
GBP/USD Follows Through on Outside Day Reversal

GBP/USD Follows Through on Outside Day Reversal

2014-03-25 23:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily

eliottWaves_gbp-usd_body_Picture_9.png, GBP/USD Follows Through on Outside Day Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“GBPUSD made a key reversal on 2/17. The pullback occurs after a push above the 2011 high and test of the best level since November 2009. Thursday’s high registered a few pips above the 2/17 close. The manner in which the market responded to that level is bearish.”

-“A daily key reversal at the top of a multiyear range is not something to dismiss. The longer that the market stays below the 2/17 high, the more likely it is that an important top is in place. The market needs to break (not spike intraday) 1.6580 (daily close) to suggest that the path is lower towards 1.6400.” 1.6580 has been broken. The decline is choppy so far but that can change quickly. The line that extends off of the November and February lows should offer insight regarding whether or not the larger trend has reversed. We are there now and the GBPUSD followed through on Monday’s outside reversal. Cable may be in for a return to 1.6600.

LEVELS: 1.6301 1.6380 1.6496 | 1.6567 1.6619 1.6713

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

DISCLOSURES

News & Analysis at your fingertips.