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. See our updated Privacy Policy here.

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
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The FTSE is turning lower from big spot of resistance. Testing channel structure off the February low. Get your market update from @PaulRobinsonFX here:https://t.co/2fEB1tJ5Zh https://t.co/7NrWwY9jBl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.57%, while traders in France 40 are at opposite extremes with 70.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Gb5NeVBsGS
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD, AUD/USD https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/18/US-Dollar-Price-Action-Setups-EURUSD-GBPUSD-AUDUSD-USDCAD.html https://t.co/EyDRu1uB8q
  • Bitcoin continues to trade within a defined support and resistance band. Rates markets awash with speculation as yield curve flattens. Get your market update from @WVenketas here:https://t.co/y10uIN6Zqg https://t.co/uf2oerbfUW
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.64% Silver: 0.23% Gold: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/L3CRiaZdZU
  • Wall Street IG Client Sentiment: Our data shows traders are now at their most net-long Wall Street since Oct 30 when Wall Street traded near 26,509.50. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/6LuUxLna1F
  • US want nuclear deal before Iran President Inauguration - Axios
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇪🇺EUR: -0.23% 🇨🇭CHF: -0.39% 🇦🇺AUD: -0.64% 🇬🇧GBP: -0.75% 🇳🇿NZD: -0.90% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/QI8xBqL3dD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.27% Germany 30: 0.23% France 40: 0.22% US 500: -0.94% Wall Street: -1.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7YzCbxMQrC
  • EUR/USD trades to a fresh monthly low (1.1867) as it extends the series of lower highs and lows following the Federal Open Market Committee (FOMC) interest rate decision. Get your $EURUSD market update from @DavidJSong here:https://t.co/W5jI90HdNG https://t.co/z9deQyFfwI
GBP/USD Technical Analysis: Digesting Trend Line Breach

GBP/USD Technical Analysis: Digesting Trend Line Breach

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: 1.6338, 1.6255, 1.6088
  • Resistance: 1.6486, 1.6621, 1.6755

The British Pound paused to digest gains against the US Dollar after breaking down trend resistance set from mid-July. A daily close above the 1.6459-86 area marked by the March 24 low and the 38.2% Fibonacci retracement exposes the 50% level at 1.6621. Alternatively, a turn back below the trend line – now recast as support at 1.6338 – opens the door for a test of the 23.6% Fib expansion at 1.6255.

While a long position seems tempting, the larger trend pointed downward since prices overturned a 12-month advance in mid-July. As such, we will treat any on-coming move higher as corrective and look for selling opportunities amid the rally rather than buy into it.

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

GBP/USD Technical Analysis: Digesting Trend Line Breach

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