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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇺🇸 Overall Net Capital Flows (MAR) due at 20:00 GMT (15min) Previous: $72.6B https://www.dailyfx.com/economic-calendar#2021-05-17
  • Heads Up:🇺🇸 Foreign Bond Investment (MAR) due at 20:00 GMT (15min) Previous: $-65.5B https://www.dailyfx.com/economic-calendar#2021-05-17
  • USD/JPY continues to pullback from the monthly high (109.79) to largely mirror the recent weakness in longer-dated US Treasury yields. Get your market update from @DavidJSong here:https://t.co/fv1jjcufMX https://t.co/RQrkxYSsG7
  • Gold continues to climb as US real yields maintain their decline $XAUUSD https://t.co/M8GH93UvoL
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.72% Gold: 1.24% Oil - US Crude: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LEuM2UyMpc
  • Canadian #Dollar Forecast: $USDCAD Seven-Week Plunge Searches Support - https://t.co/XW5aHqivhu https://t.co/rrZtho7V70
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.08%, while traders in Germany 30 are at opposite extremes with 74.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RpXt0c3dDQ
  • US Dollar Index (DXY) steadily trending lower towards yearly low. Feb low up first at 89.68, then 89.20 to follow. Get your $USD market update from @PaulRobinsonFX here:https://t.co/4OvnYANsPE https://t.co/zOWYFvVIdf
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.09% France 40: -0.07% Germany 30: -0.08% Wall Street: -0.41% US 500: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZUO0U8wkJ9
  • Gold prices have jumped to a fresh three-month-high to start this week. Get your $XAUUSD market update from @JStanleyFX here:https://t.co/fTYcHtD8MX https://t.co/xVQBYr4vCJ
GBP/USD Technical Analysis: Support Above 1.53 at Risk

GBP/USD Technical Analysis: Support Above 1.53 at Risk

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: 1.5322, 1.5180, 1.5117
  • Resistance: 1.5440, 1.5551, 1.5601

The British Pound is edging lower as expected against the US Dollar after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.5322, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.5180. Alternatively, a turn above channel floor support-turned-resistance at 1.5440 clears the way for a test of the 38.2% Fib retracement at 1.5551.

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 that 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: Support Above 1.53 at Risk

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