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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.69% 🇳🇿NZD: 0.53% 🇪🇺EUR: 0.51% 🇦🇺AUD: 0.34% 🇯🇵JPY: 0.30% 🇨🇦CAD: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nNmXsCogu7
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.03% US 500: -0.05% France 40: -0.12% Germany 30: -0.18% Wall Street: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fC4rLYXZVW
  • Hey traders! The lift in sentiment is inconsistent. What are some themes we should be looking out for? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/E9XhGxkm9s
  • Gold bulls remain in control with the precious metal closing above its 200DMA for the first time since early February. The combination of lower real yields and a softer USD. Get your $XAUUSD market update from @JMcQueenFX here:https://t.co/IIrfUPkoMr https://t.co/XAL6wh90Uz
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.15% Silver: -0.26% Oil - US Crude: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FwuCskLt6F
  • The $DXY Dollar Index is working on its fourth consecutive daily slide. As we edge closer to the 2021 swing low (89.20 on Jan 6th), worth considering its big picture perspective on a weekly chart https://t.co/LBO5IOQBLU
  • $Silver trying for breakout, as well. BIG zone of resistance ahead, around the 30 handle. Already held two spikes (august, february). If bulls can eventually break through, could be some room to run (chart 2) $SLV $XAG https://t.co/QZHOsqJMno
  • US Treasury Secretary Yellen: - Corporate taxes are at historic lows - Reform is needed to help pay for infrastructure upgrades $USD $DXY $TNX
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.53%, while traders in EUR/USD are at opposite extremes with 69.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rZoMbRL3E4
  • a lot of talk about Burry's short on tsla. I'm more intrigued by the bet on inflation. the tsla trade seems to be getting all of the attention Burry was very early on subprime and also pretty early (but ahead of most of the crowd) on $GME. But, his analysis on both was on point
GBP/USD Technical Analysis – Key Trend Line Still in Play

GBP/USD Technical Analysis – Key Trend Line Still in Play

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:1.6765 (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 last week’s release 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 taking a trade at present withprices wedged too closely between near-term up- and down-side technical barriers. We will continue to wait 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 – Key Trend Line Still in Play

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