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
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 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/PczDJYzd8I
  • Heads Up:💶 ECB President Lagarde Speech due at 07:20 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-30
  • #Nasdaq100 Reacts to Key Resistance as Market Awaits Fiscal Stimulus $NQ $NDQ https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/09/30/Nasdaq-100-Reacts-to-Key-Resistance-as-Market-Awaits-Fiscal-Stimulus.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/4cKKQ069Wh
  • 🇨🇭 KOF Leading Indicators (SEP) Actual: 113.8 Expected: 106 Previous: 110.2 https://www.dailyfx.com/economic-calendar#2020-09-30
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.51% US 500: -0.57% Germany 30: -0.63% Wall Street: -0.64% France 40: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/naM5tGUnsq
  • 🇫🇷 Inflation Rate YoY Prel (SEP) Actual: 0.1% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-09-30
  • Heads Up:🇨🇭 KOF Leading Indicators (SEP) due at 07:00 GMT (15min) Expected: 106 Previous: 110.2 https://www.dailyfx.com/economic-calendar#2020-09-30
  • IG Client Sentiment indicates that gold traders are heavily leaning towards the long side, with 80% of positions net long, while 20% net short. Retail traders added short (+12%) exposure while trimming long (-3%) positions from a day ago. https://www.dailyfx.com/forex/market_alert/2020/09/30/Gold-Silver-Price-Analysis-Weighed-by-Stronger-US-Dollar-Post-Debate.html https://t.co/QenBWVHLzF
  • Heads Up:🇫🇷 Inflation Rate YoY Prel (SEP) due at 06:45 GMT (15min) Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-09-30
  • 🇬🇧 Nationwide Housing Prices YoY (SEP) Actual: 5% Expected: 4.5% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2020-09-30
GBP/USD Technical Analysis: Stalling Above 1.60 Figure

GBP/USD Technical Analysis: Stalling Above 1.60 Figure

2014-10-13 03:29:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.6233
  • Support: 1.6043, 1.5931, 1.5749
  • Resistance: 1.6183, 1.6237, 1.6459

The British Pound advanced against the US Dollar as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.6183, the site of a falling trend line set from mid-July, with a break above that on a daily closing basis exposing the 23.6%Fibonacci retracement at 1.6237. Alternatively, a reversal below the 14.6% Fib expansion at 1.6043 clears the way for a challenge of the 23.6% threshold at 1.5931.

We sold GBPUSD at 1.6233 and have since taken profit on half of our exposure. The remainder of the trade is open to capture any further downside momentum. The stop-loss is now at the breakeven level (1.6233).

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

GBP/USD Technical Analysis: Stalling Above 1.60 Figure

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