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
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
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/Yg6WSFxt8T
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/zcmqsFR9tg
  • RT @FxWestwater: $EURUSD & $AUDUSD in Focus Ahead of #ECB, Jobs & Retail Sales - @DailyFX https://www.dailyfx.com/forex/market_alert/2020/07/10/eurusd-audusd-eur-usd-aud-usd-in-focus-ahead-of-ecb-jobs-retail-sales.html https://t.co/uBR27tPwgF
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcBm5Qe https://t.co/xOuBrIfm9o
  • @JMcQueenFX https://t.co/TvREDx53du
  • Here's an interesting stat before the weekend - At ~$183 billion, Jeff Bezos' net worth would be the 29th largest stock by market capitalization on the $SPX ranking between Pepsi and Comcast $AMZN is truly remarkable
  • Texas virus cases increase 4.2%, above prior 3.9% 7-day average - BBG
  • I know it is not a coincidence that trade war pressures rise when markets are doing well to help reserve stability. I don't think this strategy will work as well in the US-EU confrontation ($EURUSD) as it has US-China ($USDCNH) https://t.co/R19dytlgIY
  • From a trading standpoint, be on the lookout for possible topside exhaustion with the immediate long-bias vulnerable while below 7042.Get your $AUDUSD technical analysis from @MBForex here:https://t.co/jYzBK1qH4s https://t.co/Zw6Ssp1OnO
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇪🇺EUR: 0.13% 🇬🇧GBP: 0.12% 🇨🇦CAD: -0.08% 🇨🇭CHF: -0.12% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Pr9kYZ1a4o
GBP/USD Technical Analysis: Interim Support Met Below 1.70

GBP/USD Technical Analysis: Interim Support Met Below 1.70

2014-07-28 00:29:00
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: 1.6969, 1.6901, 1.6832
  • Resistance:1.7053, 1.7176, 1.7319

The British Pound is digesting losses against the US Dollar having turned lower as expected after showing a Hanging Man candlestick with negative RSI divergence. A daily close below 1.6969, the 23.6% Fibonacci retracement, exposes a rising trend line set from early February, now at 1.6901. Alternatively, a bounce above resistance at 1.7053, the 14.6% Fib, clears the way for a challenge of the July 2 top at 1.7176.

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: Interim Support Met Below 1.70

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.