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
Bullish
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Bullish
More View more
Breaking news

ECB leaves all rates unchanged in line with expectations

Real Time News
  • RT @LiveSquawk: ECB’s Lagarde: Some Initial Signs Of Stabilisation In Growth Slowdown
  • $USD coming under pressure as cracks begin to emerge in the US labor market. The 252K print for initial jobless claims is the highest reading since Sep 2017 #Jobs #Fed https://t.co/sfFHEomm0x
  • 🇺🇸 USD Initial Jobless Claims (DEC 7), Actual: 252k Expected: 212k Previous: 203k https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇺🇸 USD Continuing Claims (NOV 30), Actual: 1667k Expected: 1678k Previous: 1698k https://www.dailyfx.com/economic-calendar#2019-12-12
  • 🇺🇸 USD Initial Jobless Claims (DEC 7), Actual: 252K Expected: 212k Previous: 203k https://www.dailyfx.com/economic-calendar#2019-12-12
  • Traders should know how to confidently approach, enter and exit both Bull or Bear markets. Need some insight into it? Get it from @nickcawley1 here: https://t.co/GhvvFrB3gz https://t.co/eZCZpRmTck
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.95%, while traders in US 500 are at opposite extremes with 76.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4ZMjIhNRej
  • Chinese Yuan largely unfazed by all these US-China #trade headlines crossing the wires this morning. Spot $USDCNH currently on pace for a 0.15% gain today https://t.co/5XrdrUk2aZ
  • Here's where to watch Christine Lagarde's first press conference as ECB President - starting any minute now https://t.co/3byTZ9cJ7N
  • $USDCNH $ES_F $TNX $XAU https://t.co/G1g4Qve2ln
GBP/USD Technical Analysis: Topping Confirmation Pending

GBP/USD Technical Analysis: Topping Confirmation Pending

2014-07-11 00:22:00
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:1.7108, 1.7064, 1.6993
  • Resistance:1.7180, 1.7234, 1.7322

The British Pound may be topping against the US Dollar after prices produced a Hanging Man candlestick coupled with negative RSI divergence. Near-term support is at 1.7108, the 14.6% Fibonacci retracement. A daily close below that targets the 23.6% level at 1.7064. Alternatively, a turn above the 61.8% Fib expansion at 1.7180 clears the way for a challenge of the 76.4% threshold at 1.7234.

Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal argues against taking up the long side. We will remain flat for now.

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

GBP/USD Technical Analysis: Topping Confirmation Pending

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.