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
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
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/pS49FBaydp
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: 0.02% Oil - US Crude: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GhNSi925mA
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.09% 🇳🇿NZD: 0.08% 🇪🇺EUR: 0.06% 🇨🇭CHF: -0.01% 🇦🇺AUD: -0.02% 🇨🇦CAD: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5wVmspt3SR
  • RT @margaretyjy: The S&P 500 Index is facing a 'reality check' as 70% of the index components are releasing Q2 earnings by end July. Analys…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.40%, while traders in US 500 are at opposite extremes with 70.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ajy9wvImEC
  • ☝ US #Coronavirus cases haven't impacted 2021 GDP bets as 2020 outlook holds dismal #SP500 rose recently despite #Fed b/s not materially gaining 📈 What does this mean for #AUDUSD? Signup for my #RBA webinar coverage (starting at 4:15 GMT) - https://t.co/48RuqpG9JA https://t.co/BacnBtzBWA
  • The outlook for the S&P 500 seems to have become more important than the price of #crudeoil for some energy sector ETFs. Will this dynamic last and what are the risks ahead? Find out from @ddubrovskyFX here:https://t.co/jCuUCdTfPw https://t.co/dzgvle2WjK
  • 🇵🇭 Inflation Rate YoY (JUN) Actual: 2.5% Expected: 2.2% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET /2:00 AM GMT to prepare for the week ahead in trading $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/yEPAY8yPyK
  • RT @DanielGMoss: $USD plunging to kick of the #APAC session The risk-sensitive $AUDUSD soaring to test the psychologically pivotal 0.70 l…
GBP/USD Technical Analysis: Candle Setup Hints at Gains

GBP/USD Technical Analysis: Candle Setup Hints at Gains

2014-12-30 23:41:00
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: 1.5493, 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

News & Analysis at your fingertips.