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
Oil - US Crude
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
Wall Street
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Gold Price Tops $1,800 with Conviction - More Gains Ahead? -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/market_alert/2021/05/06/gold-price-tops-1800-with-conviction-more-gains-ahead.html $GLD $XAUUSD $GC_F https://t.co/W4YrNT0b1b
  • #Bitcoin in retreat following comments from SEC Chair Gary Gensler $BTCUSD #BTC https://t.co/YRsgI4QJI6
  • The USD/CAD breakdown is approaching initial support hurdles just lower and we’re looking for possible inflection early in the month. Get your $USDCAD market update from @MBForex here:https://t.co/UMm5aM60gf https://t.co/3CyZHyitSW
  • Canadian #Dollar Forecast: $USDCAD Plunge Marks Fifth Week– #NFP on Tap - https://t.co/P0LWHcSHwt https://t.co/abeYvgXgtl
  • SEC's Gensler: Bitcoin trading on major exchanges is not protected $BTCUSD #Bitcoin
  • Fed's Bostic: - The Fed isn't ready to formally debate asset purchase tapering yet - 1 million job gains in April wouldn't surprise me
  • Fed's Bostic: - Wage data is contingent on which workers return - It's difficult to be optimistic regarding inflation forecasts - It isn't possible to tell if the Fed can make any strides against its targets this year
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.25% Gold: 1.57% Oil - US Crude: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Wqhu4EwMTr
  • President Biden: - Corporate America will need to contribute its fair share - China is "eating our lunch" economically
  • EUR/USD stronger during trade with the pair making a fresh 3-day high at 1.207 $EURUSD https://t.co/cfrYluxpxh
GBP/USD Technical Analysis: Oscillating Below 1.49 Level

GBP/USD Technical Analysis: Oscillating Below 1.49 Level

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 continues to consolidate losses against the US Dollar having declined as expected after showing a Bearish Engulfing candlestick pattern. Near-term support is at 1.4696, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposes the 50% level at 1.4431. Alternatively, a turn above support-turned-resistance at 1.4830 – a double bottom established between March and July 2013 – opens the door for a challenge of the 1.4950-1.5023 area (January 23 low, 23.6% Fib).

We sold GBPUSD at 1.4926, initially targeting 1.4696. A stop-loss will be activated on a daily close above 1.5136. We will take profit on half of the trade and move the stop-loss to the breakeven level once the first target is reached.

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

GBP/USD Technical Analysis: Oscillating Below 1.49 Level

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