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
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
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.21% 🇯🇵JPY: -0.01% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.08% 🇳🇿NZD: -0.11% 🇬🇧GBP: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WRIE0S7Dwx
  • Crude Oil Prices May Fall as the Fed Strikes a Cautious Tone - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/12/11/Crude-Oil-Prices-May-Fall-as-the-Fed-Strikes-a-Cautious-Tone.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #crudeoil #FOMC
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: -0.01% Germany 30: -0.03% France 40: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dFVRjzGoZc
  • The #Fed rate decision and market reaction will be covered live by my colleague @JohnKicklighter, signup for the event below! https://t.co/xDN6nNRvt1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 77.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6hcL6283Yf
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇯🇵JPY: -0.02% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.06% 🇬🇧GBP: -0.11% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CwF9QmReEw
  • $USDHKD: “If the HIBOR-LIBOR spread increases again, and at the same time the USD/HKD exchange rate returns to 7.85, money could indeed be moving out of Hong Kong.” - via @ING_Economics https://t.co/xWYns19eoQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.01% Germany 30: -0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2njXMVkFO7
  • Asia Pacific Equities Update: Nikkei 225 (-0.19%), Shanghai Composite (+0.12%), ASX 200 (+0.52%), KOSPI (+0.28%)
  • My trading video for today: 'Dollar or Dow: Which Faces the Biggest Impact from the Fed Decision, Forecasts?' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/11/Dollar-or-Dow-Which-Faces-the-Biggest-Impact-from-the-Fed-Decision-Forecasts.html?CHID=9&QPID=917719 https://t.co/K0zruCw1qy
GBP/USD Technical Analysis: Sellers Overcome 1.70 Figure

GBP/USD Technical Analysis: Sellers Overcome 1.70 Figure

2014-07-25 02:28:00
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: 1.6969, 1.6896, 1.6832
  • Resistance:1.7053-62, 1.7176, 1.7274

The British Pound dropped the lowest level in a month against the US Dollar having turned lower as expected after showing a Hanging Man candlestick with negative RSI divergence. A break below the 23.6% Fibonacci retracement at 1.6969 on a daily closing basis initially exposes a rising trend line set from early February, now at 1.6896. Resistance is in the 1.7053-62 area, marked by the 14.6% Fib and the June 19 high. A reversal above that opens the door for a test of 1.7176, the July 2 top.

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: Sellers Overcome 1.70 Figure

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.