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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.33%, while traders in Wall Street are at opposite extremes with 79.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AY4wL5b1NV
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/NrcUfXKP8J
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.16% 🇬🇧GBP: 0.05% 🇪🇺EUR: 0.00% 🇦🇺AUD: -0.02% 🇨🇭CHF: -0.03% 🇳🇿NZD: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UwJz4Gv6hT
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.12% FTSE 100: -0.02% Germany 30: -0.04% US 500: -0.16% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/cGDe8jiSqf
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/ne0HPR7lO2
  • China considers levies on steel exports to tame domestic prices - BBG
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/lS2YP1HLe5
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.19% Gold: -0.06% Silver: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KmaQV410F5
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.13% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.02% 🇨🇦CAD: -0.01% 🇦🇺AUD: -0.07% 🇳🇿NZD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nKS5zuXFsB
  • British Pound Technical Analysis: GBP/USD, GBP/AUD, GBP/CAD, GBP/NZD #GBP #Sterling $GBPUSD $GBPAUD $GBPCAD $GBPNZD https://www.dailyfx.com/forex/technical/article/special_report/2021/07/27/British-Pound-Technical-Analysis-GBPUSD-GBPAUD-GBPCAD-GBPNZD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/soibdtPGXf
Forex: GBP/USD Technical Analysis – Working to Reclaim 1.65

Forex: GBP/USD Technical Analysis – Working to Reclaim 1.65

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6410 (38.2% Fib ret.), 1.6349 (23.6% Fib ret.)
  • Resistance: 1.6510 (61.8% Fib ret.), 1.6508 (61.8% Fib ret.)

The British Pound has launched a recovery against the US Dollar as we suspected last week. A close above resistance at 1.6508, the 61.8% Fibonacci retracement, exposes the 76.4% level at 1.6569. Alternatively, a move back below the 50% Fib at 1.6462 eyes the 38.2% retracement at 1.6413.

Proximity to near-term resistance as well as the absence of confirmation on a daily closing basis argues against taking a long position at the moment. On the other hand, strong upward momentum absent any substantive indication of reversal is compellingly warns against positioning on the short side. On balance, we remain flat for the time being.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_gbp-usd_body_Picture_12.png, Forex: GBP/USD Technical Analysis – Working to Reclaim 1.65

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES