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
Bullish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here: https://t.co/QQwAZTxZFg https://t.co/7meK4cF0U9
  • ❗Heads up for #Rupee $USDINR traders! The #RBI monetary policy announcement originally set for October 1 is going to be rescheduled at a later date, tbd, Will update once time is known - https://t.co/qVnd9BAnSl
  • European negotiators have indicated for the first time that they are prepared to start writing a joint legal text of a trade agreement with the UK, before fresh talks begin today, according to The Times $GBP
  • Heads Up:🇯🇵 BoJ Summary of Opinions due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
  • The recent rebound in US stocks could be a welcoming sign for the road ahead, but could the #DowJones be at risk to a turn lower? The 20-day Simple Moving Average (SMA) may cross under the 50-day SMA, creating a bearish 'Death Cross' Learn more here - https://www.dailyfx.com/education/technical-analysis-tools/moving-average.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/VhlENtJjy2
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/Wk736Zdvhb
  • #SP500 Surges on Fiscal Stimulus Hopes Ahead of #PresidentialDebate - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/28/SP-500-Surges-on-Fiscal-Stimulus-Hopes-Ahead-of-Presidential-Debate-.html
  • The US Dollar will be bracing for a cascade of political risks including the first presidential debate, ongoing stimulus talks, the Supreme Court vacancy against the backdrop of key employment data. Get your #currencies update from @ZabelinDimitri here: https://t.co/quU4MmUjxA https://t.co/uoeSZapu8I
  • What is seasonal change in volatility. Are we going through one right now? Find out: https://t.co/G0qfpOmMl2 https://t.co/WfxEHnGobD
  • 🇰🇷 Business Confidence (SEP) Actual: 68 Previous: 66 https://www.dailyfx.com/economic-calendar#2020-09-28
GBP/USD Technical Analysis: Digesting Losses Above 1.50

GBP/USD Technical Analysis: Digesting Losses Above 1.50

2015-03-11 03:31:00
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: 1.4950, 1.4696, 1.4431
  • Resistance: 1.5224, 1.5551, 1.5653

The British Pound is digesting losses having turned lower against the US Dollar as expected following the appearance of a Bearish Engulfing candlestick pattern. A daily close below the January 23 low at 1.4950 exposes the 38.2% Fibonacci expansion at 1.4696. Alternatively, a reversal above the 14.6% level at 1.5224 clears the way for a test of February 26 high 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: Digesting Losses Above 1.50

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