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
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
GBP/USD
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
USD/JPY
Mixed
Gold
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
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • $USDCAD Daily Pivot Points: S3: 1.3079 S2: 1.3161 S1: 1.3215 R1: 1.3297 R2: 1.3326 R3: 1.3409 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • This was the best week for my #ASEAN #USD Index in over a month as uncertainties over a US-China #tradedeal brewed. Now we are sitting just under a former rising support line from March. But the dominant downtrend still holds via potential falling resistance from September https://t.co/jypDk8d9LJ
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.03% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.04% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.43% 🇬🇧GBP: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/yfcHpARHwH
  • Hands down the most extreme speculative positioning signal among the futures contracts I watch: $VIX net short hits a fresh record -218,362 contracts https://t.co/4ox67gqD16
  • What is a doji morning star candlestick? How can you use it in your #tradingstrategy? Find out from @RichardSnowFX here: https://t.co/w7Y4qj2Qkm https://t.co/UloZ649bnI
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -0.13% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bIRXfcVsLF
  • Perhaps the most provocative FX-based speculative futures positioning picture for me though is gulf between $USDMXN and the net spec bearing https://t.co/MOXb4S7KKQ
  • $NZDUSD is another interesting backdrop for futures speculators. Slowly rounding up from its extreme net short just as the underlying climbs up from a decade low https://t.co/3tElrXI0r2
  • In the COT net speculative futures update, an interesting picture in interest around $GBPUSD. Enthusiasm is clearly flagging https://t.co/MupQpagAEl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.68%, while traders in France 40 are at opposite extremes with 81.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TK4HgMAlZT
GBP/USD Technical Analysis – Trend Line Support Holds Up

GBP/USD Technical Analysis – Trend Line Support Holds Up

2014-05-16 00:24:00
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:1.6750 (trend line), 1.6711 (38.2% Fib ret.)
  • Resistance: 1.6820 (23.6% Fib ret.),1.6887 (14.6% Fib ret.),

The British Pound is stalling at trend line support set from early February having dropped as expected following the publication of the BOE Inflation Report. A break downward on a daily closing basis initially targets the 38.2% Fibonacci retracement at 1.6711. Near-term resistance is at 1.6820, marked by the 23.6% level, with a turn back above that aiming for the 14.6% Fib at 1.6887.

Risk/reward considerations argue against entering short with prices sitting squarely at relevant support. On the other hand, taking up the long side looks premature without a defined bullish reversal signal. We will remain flat for now, waiting for an actionable opportunity to emerge.

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

GBP/USD Technical Analysis – Trend Line Support Holds Up

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.