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
GBP/USD
Mixed
USD/JPY
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
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.24% 🇨🇦CAD: 0.10% 🇬🇧GBP: 0.05% 🇪🇺EUR: 0.02% 🇦🇺AUD: -0.31% 🇳🇿NZD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Lhvac9uclS
  • Heads Up:🇦🇺 AUD RBA's Lowe Gives Speech in Sydney due at 22:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-12-09
  • US Trade Representative Lighthizer and Trump adviser Kushner to fly to Mexico on Tuesday as part of effort to finalize #USMCA trade pact
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.26% Gold: 0.11% Oil - US Crude: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/q0FVtwWQqD
  • USD/CAD responded downtrend support AND resistance into the open of the month and the immediate focus is on a break of last week’s range for guidance.Get your $USDCAD technical analysis from @MBForex here:https://t.co/UMQy6VxK2i https://t.co/3vw7NWW0NG
  • What is the Strait of Hormuz? How is it the world's most important #oil checkpoint? Find out from @JMcQueenFX here: https://t.co/gRVxRWUnNQ #OOTT #CommoditieswithDailyFX https://t.co/djQFdGg2ew
  • 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 76.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L77tlWSifj
  • RT @Schuldensuehner: Recession fears are over. Which might not be good, BBG‘s Authers writes. The last time Google Trends saw a peak in rec…
  • US Equity Close: $SPX -0.32% $DJI -0.37% $NDX -0.4% $RUT -0.4% $VIX +16.3%
  • Canadian #Dollar Outlook: $USDCAD Bears Emerge, but Can they Drive? https://t.co/FUQrFo5Eey https://t.co/ZAif9YLMxL
GBP/USD Technical Analysis: Topping Cues Intact for Now

GBP/USD Technical Analysis: Topping Cues Intact for Now

2014-07-16 00:41:00
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: 1.7062, 1.6991, 1.6934
  • Resistance:1.7173, 1.7243, 1.7301

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 23.6% Fibonacci retracement at 1.7062 on a daily closing basis initially exposes the 38.2% level at 1.6991. Alternatively, a reversal above the 23.6% Fib expansion at 1.7173 opens the door for a test of the 38.2% threshold at 1.7243.

Current positioning looks inconclusive. On one hand, bearish reversal cues remain intact, arguing against taking up the long side. On the other, downside follow-through has yet to materialize in a meaningful way. We will remain on the sidelines for now, waiting for greater clarity to emerge.

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

GBP/USD Technical Analysis: Topping Cues Intact for Now

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.