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
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
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • 🇫🇷 Business Confidence (OCT) Actual: 93 Expected: 96 Previous: 96 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇫🇷 Business Confidence (OCT) due at 06:45 GMT (15min) Expected: 96 Previous: 96 https://www.dailyfx.com/economic-calendar#2020-10-22
  • 🇩🇪 GfK Consumer Confidence (NOV) Actual: -3.1 Expected: -2.8 Previous: -1.7 https://www.dailyfx.com/economic-calendar#2020-10-22
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out:https://t.co/y3cckNW22W https://t.co/DWXPd1Fa8E
  • 🇳🇴 Unemployment Rate (AUG) Actual: 5.3% Expected: 5.1% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-22
  • 🇩🇪 GfK Consumer Confidence (NOV) Actual: -3.1 Expected: -2.8 Previous: -1.6 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇳🇴 Unemployment Rate (AUG) due at 06:00 GMT (15min) Expected: 5.1% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇩🇪 GfK Consumer Confidence (NOV) due at 06:00 GMT (15min) Expected: -2.8 Previous: -1.6 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/O7fLzs4TqT
  • 🇳🇱 Consumer Confidence (OCT) Actual: -30.0 Previous: -28.0 https://www.dailyfx.com/economic-calendar#2020-10-22
GBP/USD, GBP/JPY Price: British Pound Outlook- Slowing Down Uptrend Move

GBP/USD, GBP/JPY Price: British Pound Outlook- Slowing Down Uptrend Move

2019-09-19 09:29:00
Mahmoud Alkudsi, Analyst
Share:

GBP/USD and GBP/JPY charts and analysis

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

Sterling Pound Price Action

Last week, GBP/USD resumed bullish price action and closed in the green for the second week in a row with a 1.7% gain. Similarly, GBP/JPY rallied to 135.20 – its highest level in seven weeks, then closed the weekly candlestick with 2.8% gain. However, this week Sterling pound buyers has shown hesitation to keep rallying the price.

On Sep 13, the Relative Strength Index (RSI) climbed from 56 to 66 on GBP/USD. The oscillator remained flat after, reflecting a slowing uptrend momentum. On the other hand, RSI has not been able to pass to the overbought territory, highlighting similar situation on GBP/JPY.

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

GBP/USD DAILY PRICE CHART (Aug 30, 2017 – sep 19, 2019) Zoomed out

GBPUSD price daily chart 19-09-19 zoomed out

GBP/USD DAILY PRICE CHART (June 10 – Sep 19, 2019) Zoomed IN

GBPUSD price daily chart 19-09-19 zoomed in

Looking at the daily chart, we notice on Friday GBP/USD rushed to a higher trading zone 1.2360 -1.2785. The price rallied this week above 1.2500 for the first time in nearly two months.

Thus, the pair may be on its way for a test of the high end of the zone contingent on clearing the weekly resistance levels underlined on the chart (zoomed in). Further close above the high end could push GBPUSD towards 1.2965. Nonetheless, the weekly resistance levels marked on the chart should be watched closely.

In turn, a close below the low end of the zone, could press GBPUSD towards 1.2148. Further close below this level may see the price trading towards 1.1800. However, the weekly support area and levels underscored on the chart should be considered.

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

GBP/JPY DAILY PRICE CHART (FEB 20, 2017 – SEP 19, 2019) Zoomed out

GBPJPY daily chart 19-09-19 Zoomed out

GBP/JPY DAILY PRICE CHART (May 24 – SEP 19, 2019) Zoomed in

GBPJPY daily chart 19-09-19 Zoomed in

From the daily chart, we notice on Friday GBP/JPY rallied to a higher trading zone 133.40 – 135.55 then hit 134.85 – the double bottom’s target discussed in our previous update .

Hence, a close above the high end of the zone could push the price towards 136.40. Further close above this level could see GBPJPY trading even higher towards 139.00. Although, the weekly resistance area and levels marked on the chart (zoomed in) would be worth monitoring.

On the flip-side, another failure to close above the high end of the zone, may reverse the pair’s direction sending it towards the low end of the zone. Further close below 133.34 could press GBPJPY towards the vicinity of 130.90-84. That said, sellers need to pay a close attention on the daily and weekly support levels underlined on the chart.

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