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
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • 🇯🇵 Eco Watchers Survey Outlook (APR) Actual: 41.7 Previous: 49.8 https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇯🇵 Eco Watchers Survey Current (APR) Actual: 39.1 Previous: 49 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (APR) due at 05:00 GMT (15min) Previous: 49.8 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇯🇵 Eco Watchers Survey Current (APR) due at 05:00 GMT (15min) Previous: 49 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Crude oil double top in the works? - #CL1! chart https://t.co/IXWHfFNqRF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.04%, while traders in GBP/USD are at opposite extremes with 64.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lrz6hYQcvg
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.11% 🇳🇿NZD: 0.05% 🇬🇧GBP: 0.04% 🇪🇺EUR: 0.01% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DLZh2GHNhV
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/fVwp2V0qJx
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.36% Wall Street: 0.35% Germany 30: -0.35% FTSE 100: -0.37% France 40: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6tcRDVZ12c
  • The CPI data have done more to threaten $SPX and Dollar volatility than the NFPs, GDP, Fed stability report, FOMC decision and a host of other data points before it. But can we break critical levels ahead? And what about $BTCUSD? Anti-fiat or risk asset? https://www.dailyfx.com/forex/video/daily_news_report/2021/05/13/Dollar-or-SP-500-Which-Faces-the-Biggest-Post-CPI-Reversal-Risk.html https://t.co/SMBm3DLolp
GBP/USD Technical Analysis: Digesting Losses Below 1.49

GBP/USD Technical Analysis: Digesting Losses Below 1.49

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • GBP/USD Technical Strategy: Short at 1.4926
  • Support: 1.4696, 1.4431, 1.4167
  • Resistance: 1.4830, 1.5023, 1.5224

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 38.2% Fibonacci expansionat 1.4696 exposes the 50% level at 1.4431. Alternatively, a reversal above support-turned-resistance at 1.4830 – a double bottom carved out between March and July 2013 – clears the way for a test of the 1.4950-1.5023 area (January 23 low, 23.6% Fib).

We entered short GBPUSD at 1.4926, initially targeting 1.4696. A stop-loss will be triggered on a daily close above 1.5136. We will book gains on half of the trade and move the stop-loss to the breakeven level when the first target is reached.

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

GBP/USD Technical Analysis: Digesting Losses Below 1.49

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