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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 1.15% Wall Street: 0.59% FTSE 100: 0.09% Germany 30: 0.08% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kCbRldWQS1
  • Joe Biden is officially sworn in as President of the United States.
  • Joe Biden sworn in as 46th President of the US. $USD
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • $EURCAD fell from around 1.5440 to around 1.5300, hitting its lowest level since early July, following no change to BoC's policy and a press conference from BoC Gov. Macklem. $EUR $CAD https://t.co/UUmfalRbef
  • $EURUSD is bouncing between well-established technical levels - to the upside the midpoint of the pair's historical range and head-and-shoulders neckline. Downside, 38.2% Fib of past three months run and 50 DMA https://t.co/v5Ly5Ctnvj
  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
  • BoC Governor Macklem: - We could increase pace or shift composition of QE purchases - Yield curve control is an option - BoC reviews the full range of options and will use these options if necessary #BoC $CAD
  • Hey traders! Get your Wednesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇. He covers the US Presidential inauguration and more! https://t.co/McN3A0yC2F
Forex: GBP/USD Technical Analysis – Booking Half of Short Trade

Forex: GBP/USD Technical Analysis – Booking Half of Short Trade

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.6710
  • Support: 1.6593 (23.6% Fib ret.), 1.6452 (38.2% Fib ret.)
  • Resistance: 1.6709 (trend line), 1.6742 (Feb 14 close)

The British Pound may be gearing up for a rebound against the US Dollar as prices show a Doji candle at support marked by the 23.6% Fibonacci retracementat 1.6593. The setup warns of indecision following three consecutive days of losses, which may precede an upswing. A break above rising trend line support-turned-resistance at 1.6709 exposes the February 14 close and current range top at 1.6742.

We entered short GBP/USD at 1.6710 after prices produced a Bearish Engulfing candlestick pattern. We will now take profit on half of the position and revise the stop-loss to the breakeven level (1.6710) on the remaining portion, allowing for the possibility that indecision marks a pause before downward continuation but slashing risk exposure.

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 – Booking Half of Short Trade

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