News & Analysis at your fingertips.

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
Subscribe
Please try again
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
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
Mixed
Gold
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
More View more
Real Time News
  • Please join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/diCwqqa7eS https://t.co/Frrg5wueub
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/TmNxDRxkk0
  • 🇮🇹 Industrial Production MoM (FEB) Actual: 0.2% Expected: 0.7% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇮🇹 Industrial Production YoY (FEB) Actual: -0.6% Expected: -2.3% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.57%, while traders in Wall Street are at opposite extremes with 74.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/C9XWwZRalw
  • Heads Up:🇮🇹 Industrial Production MoM (FEB) due at 08:00 GMT (15min) Expected: 0.7% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-04-13
  • Heads Up:🇮🇹 Industrial Production YoY (FEB) due at 08:00 GMT (15min) Expected: -2.3% Previous: -2.4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/U5CGuLb1M0
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Silver: 0.17% Gold: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rtfohURqu1
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.04% 🇨🇦CAD: -0.12% 🇪🇺EUR: -0.14% 🇦🇺AUD: -0.19% 🇯🇵JPY: -0.21% 🇨🇭CHF: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GU6Cdg7Vfw
GBP/USD Technical Analysis: Sellers Target 6-Month Support

GBP/USD Technical Analysis: Sellers Target 6-Month Support

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Flat
  • Support: 1.6909, 1.6832, 1.6721
  • Resistance:1.6969, 1.7053, 1.7176

The British Pound renewed its push lower against the US Dollar having reversed downward as expected after putting in a Hanging Man candle with negative RSI divergence. A daily close below support at a rising trend line set from early February, now at 1.6909, exposes the 38.2% Fibonacci retracement at 1.6832.Alternatively, a bounce above the 23.6% level at 1.6969 clears the way for a challenge of the 14.6% Fib at 1.7053.

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: Sellers Target 6-Month Support

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