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
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
  • $AUDNZD closed at its lowest since December 2020 Prices pierced the 1.0541 - 1.0564 support zone, exposing the November low at 1.0418 A confirmatory downside close under support next week may open the door to further losses #AUD #RBA https://t.co/mybbgPHNX4
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/k49UosZOUR
  • The US Dollar seems to be losing its momentum against ASEAN currencies as of late. Could this be another top in USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/rVBKBuhhAb https://t.co/lTT6oelIEc
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/JTw3w7KYXP
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.15% 🇯🇵JPY: -0.18% 🇬🇧GBP: -0.39% 🇳🇿NZD: -0.56% 🇦🇺AUD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/a8XYJHybtN
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: -0.05% Oil - US Crude: -0.25% Gold: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/C66zBofenc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.72%, while traders in France 40 are at opposite extremes with 71.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6QmJTzlrho
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/8PhqKCpyzf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.03% France 40: 0.03% US 500: 0.02% FTSE 100: -0.06% Germany 30: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Mkxtacawl4
  • AUD declined into the weekend, wiping out earlier gains against USD #IronOre tumbled this week, with futures on #SGX down about 15%! -> 3-month low China is further cracking down on steel output to ebb pollution Iron ore is a key AU export to China, posing a risk #AUD $AUDUSD https://t.co/NSDM7Ln5sA
GBP/USD, GBP/JPY: British Pound Price Action- Uptrend Faces Key Resistance

GBP/USD, GBP/JPY: British Pound Price Action- Uptrend Faces Key Resistance

Mahmoud Alkudsi, Analyst

GBP/USD and GBP/JPY charts and analysis

Download for free our latest Q3 trading guidesto help you build confidence when you trade on JPY, USD and other main currencies

Sterling Pound Price – Slowing Uptrend Momentm

On Monday, GBP/USD rallied to 1.2385 – its highest level in over six weeks. However, the price slipped back pausing the uptrend move. In turn, GBP/JPY raised today to 133.38 reflecting the bullish outlook of the pair at this stage.

On Sep 4, the Relative Strength Index (RSI) crossed above 50 on both pair however, the oscillator remained flat nearby 57 reflecting a stalled upward momentum on GBP/USD meanwhile (RSI) climbed slightly from 57 to 62 highlighting a slowing impulse of the uptrend move on GBB/JPY.

Just getting started?See our Beginners’ Guide for FX traders

GBP/USD DAILY PRICE CHART (Nov 15, 2017 – sep 12, 2019) Zoomed out

GBPUSD price daily chart 12-09-19 zoomed out

GBP/USD DAILY PRICE CHART (May 1 – Sep 12, 2019) Zoomed IN

GBPUSD price daily chart 12-09-19 zoomed in

Looking at the daily chart, we notice on Sep 4 GBP/USD moved to a higher trading zone 1.2148 – 1.2360, then in the following day broke above the downtrend channel. The price tested the high end of the zone however, failed in multiple occasions to close above and move to a higher trading zone, indicating to buyer’s hesitation to continue pushing higher.

Therefore, the price could be on its way for a test of the low end of the zone contingent on clearing the weekly support level underlined on the chart. Further close below the low end may see GBP/USD trading even lower towards 1.1800. In that scenario, the weekly support level underscored on the chart (zoomed in) would be worth monitoring.

On the flip-side, any successful close above the high end of the zone could lead GBP/USD towards 1.2785. Although, buyers would need to watch closely the weekly resistance levels underlined on the chart, with special attention to 1.2616.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

GBP/JPY DAILY PRICE CHART (FEB 20, 2017 – SEP 12, 2019) Zoomed out

GBPJPY daily chart 12-09-19 Zoomed out

GBP/JPY DAILY PRICE CHART (Aug7 – SEP 12, 2019) Zoomed in

GBPJPY daily chart 12-09-19 Zoomed in

From the daily chart, we notice on Sep 5 GBP/JPY broke above 130.70- the neckline of double bottom pattern discussed in our last update. Additionally, the pair rallied to a higher trading zone 130.84 – 133.40.

Hence, a close above the high end of the zone could send GBP/JPY towards 135.55. Although, the weekly resistance level underlined on the chart (zoomed in) with 134.85 should be watched along the way. Further close above 135.55 could push the price towards 136.40. That said, the weekly level marked on the chart should be considered.

On the other hand, any failure to close above the high end may reverse the pair’s direction and send it back towards the low end. Further close below the low end could press GBP/JPY towards 128.80. Nonetheless, the weekly support levels underlined on the chart need to be followed closely.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES