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.

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
GBP/USD
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
USD/JPY
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
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
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
Bitcoin
Bearish
More View more
Real Time News
  • The $JPY has posted some rare gains against the US Dollar on its daily chart, but important channel support still holds on an intraday basis. Keep a close eye on it now. Get your market update from @DavidCottleFX here:https://t.co/ReMGzu6OjP https://t.co/51HnCCEIoF
  • The Euro may rise against the US Dollar as IG Client Sentiment sends bullish EUR/USD signals. This is as the British Pound could fall against the Yen on GBP/JPY net-long bets $EURUSD $GBPJPY #Euro #Pound - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/11/20/EURUSD-GBPJPY-Sentiment-Outlook-Euro-May-Rise-as-Pound-Sinks.html?CHID=9&QPID=917702 https://t.co/uPm8AZRSnz
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Gold: 0.12% Silver: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UhYkuxVmOx
  • Discover your #tradingstyle with Senior Strategist, @CVecchioFX and get your questions on your current trading styles answered tomorrow, 20th November at 9:00AM EST. Only on DailyFX Facebook and Twitter live! https://t.co/DG3m3Cdq7q
  • Japan's Economy Minister Yasutoshi Nishimura: US still has an incentive to join the #TPP -BBG
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.02% 🇨🇭CHF: 0.01% 🇪🇺EUR: -0.04% 🇬🇧GBP: -0.11% 🇦🇺AUD: -0.11% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Z89kFS3mcI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.94%, while traders in US 500 are at opposite extremes with 80.52%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NfWnkIUBjX
  • My understanding is that the House and Senate Hong Kong bills passed differ slightly and thus need to be reconciled before sending to POTUS https://t.co/m8mFaVkIFm
  • RT @globaltimesnews: China's central bank trimmed the one-year loan prime rate (LPR) to 4.15% on Wednesday from previous 4.2%. https://t.co…
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/NPZrvN0kka
GBP/USD Technical Analysis – Pound Hits Five-Year High

GBP/USD Technical Analysis – Pound Hits Five-Year High

2014-05-06 23:07:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support:1.6952 (50% Fib exp.), 1.6907 (38.2% Fib exp.)
  • Resistance: 1.6998 (61.8% Fib exp.), 1.7053 (76.4% Fib exp.)

The British Pound continued to push higher against the US Dollar, soaring to the highest level in nearly five years. Buyers poised to test resistance at 1.6998, the 61.8% Fibonacci expansion, with a break above that exposing the 76.4% level at 1.7053. Alternatively, a reversal below the 50% Fib at 1.6952 aims for the 38.2% expansion at 1.6907.

The available trading range is too narrow to justify a position at current levels from a risk/reward perspective given volatility as implied by 20-day ATR. With that in mind, we will remain on the sidelines for the time being.

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

GBP/USD Technical Analysis – Pound Hits Five-Year High

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

News & Analysis at your fingertips.