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
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bullish
GBP/USD
Bearish
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
  • ECB's Lane says the ECB is closely monitoring the evolution of the longer-term nominal bond yields $EUR https://t.co/JpwbTqCFjo
  • ECB's Lane due out in 10-minutes Recent comments by ECB Officials - Lagarde "ECB is closely monitoring the evolution of longer-term nominal bond yields" (Feb 22nd) - Schnabel "We will ensure that there is no unwarranted tightening of financing conditions" (Feb 25th)
  • Selling in $CHF has shown little signs of abating, rise in global bond yields continues to pose a headwind $EURCHF performance - WTD +2% - MTD +2.5% https://t.co/H1FxF4154M
  • Join @CVecchioFX at 6:30 AM EST/11:30 GMT for his monthly central bank webinar. Register here: https://t.co/HyPgSrhjor https://t.co/AsCB634xDb
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/NO6wH8ZDJF
  • 💶 Economic Sentiment (FEB) Actual: 93.4 Expected: 92 Previous: 91.5 https://www.dailyfx.com/economic-calendar#2021-02-25
  • 💶 Industrial Sentiment (FEB) Actual: -3.3 Expected: -5 Previous: -6.1 https://www.dailyfx.com/economic-calendar#2021-02-25
  • 💶 Consumer Confidence Final (FEB) Actual: -14.8 Expected: -14.8 Previous: -15.5 https://www.dailyfx.com/economic-calendar#2021-02-25
  • Heads Up:💶 Economic Sentiment (FEB) due at 10:00 GMT (15min) Expected: 92 Previous: 91.5 https://www.dailyfx.com/economic-calendar#2021-02-25
  • Heads Up:💶 Industrial Sentiment (FEB) due at 10:00 GMT (15min) Expected: -5 Previous: -5.9 https://www.dailyfx.com/economic-calendar#2021-02-25
GBP/USD Technical Analysis: Selling Pressure Re-intensifies

GBP/USD Technical Analysis: Selling Pressure Re-intensifies

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • GBP/USD Technical Strategy: Pending Short
  • Support: 1.6533, 1.6470, 1.6407
  • Resistance:1.6611, 1.6659, 1.6737

The British Pound selling pressure has gathered steam anew, denting upswing possibilities hinted by the formation a Hammer candlestick. A daily close below 38.2% Fibonacci expansion at 1.6533 exposes the 50% level at 1.6470. Alternatively, a reversal above the intersection of the 23.6% Fib and a falling trend line set from mid-July at 1.6611 opens the door for a test of the 14.6% expansion at 1.6659.

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 suggests taking up the long side is premature. With that in mind we will remain flat for now.

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

GBP/USD Technical Analysis: Selling Pressure Re-intensifies

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