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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.01%, while traders in France 40 are at opposite extremes with 69.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1KacM0SzUu
  • Please join @CVecchioFX at 7:30 EST/11:30 GMT for a webinar where you can develop a strategy for a major risk event. Register here: https://t.co/D8DAmLpkuS https://t.co/cXy5YF2QOe
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 1.03% Silver: 0.71% Oil - US Crude: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/c1PEiidgUD
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.47% 🇬🇧GBP: 0.42% 🇦🇺AUD: 0.35% 🇪🇺EUR: 0.28% 🇨🇭CHF: 0.18% 🇯🇵JPY: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/TTQNPmO5N9
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/uXSofbvppi
  • Iranian President Elect Raisi says we want verification for US sanctions removal #OOTT
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.65% Wall Street: 0.56% FTSE 100: 0.46% US 500: 0.45% France 40: 0.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rOaykvimoe
  • China asks banks and alipay not to involve in Crypto operations
  • Swedish PM Lofven loses vote of no confidence $SEK
GBP/USD Technical Analysis – Support Met Above 1.69 Mark

GBP/USD Technical Analysis – Support Met Above 1.69 Mark

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:1.6961-96, 1.6859, 1.6745
  • Resistance:1.7062, 1.7128, 1.7263

The British Pound took a step back against the US Dollar having found resistance above the 1.70 figure. Prices are testing resistance-turned-support in the 1.6961-96 area, marked by the 23.6% Fibonacci expansion and the May 6 high. A daily close below this barrier exposes the 14.6% level at 1.6859. Alternatively, a renewed push higher that takes the pair above the June 19 high at 1.7062 will look to challenge the 38.2% Fib at 1.7128.

Prices are too close to support to justify entering short from a risk/reward perspective. Alternatively, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now, waiting for an actionable opportunity to present itself.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

GBP/USD Technical Analysis – Support Met Above 1.69 Mark

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