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
Bearish
Wall Street
Mixed
Gold
Bearish
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
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
More View more
Real Time News
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/rE8syuS5Co
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/dncy3XYTJz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 73.24%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nRGF2Wk2l1
  • Heads Up:💶 ECB Bank Lending Survey due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-14
  • 🇸🇪 Inflation Rate MoM (JUN) Actual: 0.6 Expected: 0.5% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2020-07-14
  • 🇸🇪 CPIF YoY (JUN) Actual: 0.7 Expected: 0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2020-07-14
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/b91XdObK8N
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.16% Silver: -0.24% Oil - US Crude: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KC7sg4l2Ny
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.07% 🇨🇭CHF: 0.06% 🇯🇵JPY: 0.03% 🇨🇦CAD: -0.09% 🇳🇿NZD: -0.16% 🇬🇧GBP: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wtgcI2N4kU
  • Heads Up:🇸🇪 Inflation Rate MoM (JUN) due at 07:30 GMT (15min) Expected: 0.5% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2020-07-14
GBP/USD Technical Analysis: Pound Slumps to 7-Week Low

GBP/USD Technical Analysis: Pound Slumps to 7-Week Low

2014-08-04 02:08:00
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: 1.6822-32, 1.6721, 1.6610
  • Resistance:1.6924, 1.6969, 1.7053

The British Pound dropped to the lowest level in seven weeks against the US Dollar having topped as expected after showing a Hanging Man candle with negative RSI divergence. Near-term support is in the 1.6822-32 area, marked by the February 17 high and the 38.2% Fibonacci retracement. A break below that on a daily closing basis exposesthe 50% level at 1.6721.Alternatively, a reversal above rising trend line support-turned-resistance at 1.6924 opens the door for a test ofthe 23.6% Fib at 1.6969.

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: Pound Slumps to 7-Week Low

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.