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
Mixed
GBP/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
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
  • 🇬🇧 Goods Trade Balance (FEB) Actual: £-16.442B Expected: £-10.4B Previous: £-12.592B https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 Construction Output YoY (FEB) Actual: -4.3% Expected: -1.9% Previous: -6.5% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 GDP MoM (FEB) Actual: 0.4% Expected: 0.6% Previous: -2.2% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 GDP YoY (FEB) Actual: -7.8% Expected: -8.3% Previous: -8.5% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 GDP 3-Month Avg (FEB) Actual: -1.6% Expected: -1.9% Previous: -1.4% https://www.dailyfx.com/economic-calendar#2021-04-13
  • (Gold Briefing) Gold Price Outlook: Falling Ahead of 30-Year Treasury Auction, Resistance Reinforced #Gold #Bonds #Treasury #CPI https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/04/13/Gold-Price-Outlook-Falling-Ahead-of-30-Year-Treasury-Auction-Resistance-Reinforced.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/WlC6kItxmx
  • 🇬🇧 Balance of Trade (FEB) Actual: £-7.1B Previous: £-3.4B https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 Balance of Trade (FEB) Actual: £-7.2B Previous: £-1.6B https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 Construction Output YoY (FEB) Actual: -4.3% Expected: -1.9% Previous: -3% https://www.dailyfx.com/economic-calendar#2021-04-13
  • 🇬🇧 GDP 3-Month Avg (FEB) Actual: -1.6% Expected: -1.9% Previous: -1.7% https://www.dailyfx.com/economic-calendar#2021-04-13
GBP/USD Technical Analysis: Candle Setup Hints at Gains

GBP/USD Technical Analysis: Candle Setup Hints at Gains

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: 1.5493, 1.5409, 1.5293
  • Resistance: 1.5636, 1.5730, 1.5881

The British Pound may be preparing to turn higher against the US Dollar after prices put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.5636, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the intersection of channel top resistance and the 23.6% level at 1.5730. Alternatively, a reversal below channel floor support at 1.5493 opens the door for a challenge of the 38.2% Fib retracement at 1.5409.

While entering long is tempting from a purely technical perspective, we will tactically opt to stand aside. Thin pre-holiday liquidity conditions hint follow-through on current price action may prove lackluster and we will wait for the onset of 2015 before committing to a directional bias.

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

GBP/USD Technical Analysis: Candle Setup Hints at Gains

Daily Chart - Created Using FXCM Marketscope

--- 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