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.

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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Sterling up against the USD but lower against a range of other currencies. Get your $GBPUSD market update from @nickcawley1 here:https://t.co/2Cc6ksXCoc https://t.co/dPDu6AXa2Y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in US 500 are at opposite extremes with 70.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/l5V3Zu8IGr
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! - https://t.co/chKtG7ezG9
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.67% 🇨🇭CHF: 0.59% 🇦🇺AUD: 0.54% 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.08% 🇯🇵JPY: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Uthb7GJgI0
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZ5LG7
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/68MY3a84Pw
  • Join @MBForex 's at 8:30 AM ET/12:30 PM GMT for his weekly strategy #webinar Register here: https://t.co/VAnAfZU02T https://t.co/Va0bYcqRF8
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-06
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.40%, while traders in US 500 are at opposite extremes with 70.71%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M6awG86v5q
  • 🇪🇸 Consumer Confidence (JUN) Actual: 60.7 Previous: 52.9 https://www.dailyfx.com/economic-calendar#2020-07-06
GBP/USD Technical Analysis: Downturn Clues Still Present

GBP/USD Technical Analysis: Downturn Clues Still Present

2014-07-14 02:41:00
Ilya Spivak, Head Strategist, APAC
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 carving out a top against the US Dollar as prices show a Hanging Man candlestick coupled with negative RSI divergence. A break below the 14.6% Fibonacci retracement at 1.7108 on a daily closing basis initially exposes the 23.6% level at 1.7064. Alternatively, a reversal above the 61.8% Fib expansion at 1.7180 opens the door for a test of the 76.4% threshold at 1.7234.

Risk/reward considerations argue against entering short with prices trading in close proximity to support. On the other hand, the absence of a defined bullish reversal signal suggests taking up the long side is premature. We will remain flat for now.

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

GBP/USD Technical Analysis: Downturn Clues Still Present

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.