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.

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
EUR/USD
Mixed
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
Bearish
Gold
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
More View more
Real Time News
  • The Euro remains the largest long by some margin, despite investors trimmed their bullish bets yet again. While the blue wave election trades are USD negative. Get your market update from @JMcQueenFX here:https://t.co/FxzsRmXYVN https://t.co/V4n7ncl1WA
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.10% 🇳🇿NZD: -0.13% 🇬🇧GBP: -0.16% 🇨🇭CHF: -0.40% 🇪🇺EUR: -0.43% 🇨🇦CAD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/YlP6D1tUc2
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.03% Oil - US Crude: -0.08% Silver: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4D7w33mAud
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.86%, while traders in NZD/USD are at opposite extremes with 73.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/48N5RecRwt
  • RT @Nadex: Will the Dow be bullish or bearish after Nov. 3? Make your prediction today for a chance to win $5,000.* https://t.co/EXtYKMxrrW…
  • Australian #Dollar Forecast: $AUDUSD Grinds into Downtrend Resistance- #Aussie Levels - https://t.co/Y4oiWHaE6l https://t.co/GYpXhkKJIo
  • US Equity Update (Monday Close): $DJI -2.28% $SPX -1.86% $NDX -1.61% $RUT -2.15% $VIX +17.79%
  • USD/JPY attempts to claw back last week’s losses. Bulls face long term challenges despite short term test of 105.00. Get your $USDJPY market update from @RichardSnowFX here:https://t.co/MFmp7RwFhd https://t.co/QPHreNg8GN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.28% France 40: 0.18% FTSE 100: 0.10% US 500: 0.02% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8Gj1iqeQu8
  • US Dollar Price Action Setups: GBP/USD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2020/10/26/US-Dollar-Price-Action-Setups-GBPUSD-GBP-USD-AUDUSD-AUD-USD.html https://t.co/kodr21qCu9
GBP/USD Terminal Wave Matures

GBP/USD Terminal Wave Matures

2017-05-19 10:44:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

GBP/USD popped to 1.3048 yesterday just shy of the 1.3060 zone cited previously in “How Much Higher Can GBP/USD Continue.” Though we cannot say for sure if the reversal begins at this level, yesterday’s price action puts Cable at risk of a large reversal.

The model we are following is Elliott Wave theory. You see, it appears a triangle terminated in April 2017. According to Elliott Wave theory, triangle patterns precede a terminal wave in the sequence. That suggests the rally that began on April 9 is a terminal wave and once this wave completes, a larger correction may settle in to possibly retest 1.19.

IG Client Sentiment is shifting positive which also hints a turn lower is lurking nearby. Sentiment has increased from -1.78 to -1.50 in the past 11 days.

Please add a description for the image.

For the time being, if this 1.3060 zone holds to the upside, then we can use a downside break of yesterday’s low at 1.2888 to trigger short positions. A break of 1.2888 coupled with increasing sentiment would add confirmation to a topping pattern.

If strength persists above the 1.3060 zone, then a stronger level of multiple wave relationships rest near 1.3200-1.3235. This doesn’t mean Cable has to turn lower at that point, but the multiple wave relationships suggest an elevated potential for a reaction lower.

This corrective pattern could work its way higher towards 1.34, though we are uncertain of the odds that it will reach that high.

Has recent GBP market movements have you confused? Check out DailyFX’s second quarter forecast.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

US Dollar has been weak lately, will AUD/USD be a late bloomer to the USD correction?

See how the Dow Jones Industrial Average largest tumble since September fits into a larger Elliott Wave picture.

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

DISCLOSURES