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
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
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/ZuHLVL8ItN
  • The US Dollar may rise against the Singapore Dollar and Philippine Peso. USD/MYR’s downtrend holds, but a bullish pattern brews. USD/IDR seems stuck between key technical levels.Get youe #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/TF6DRVp6kX https://t.co/MYbR79MTux
  • US Supreme Court says Justice Ruth Ginsburg has passed away -BBG
  • 3 consecutive down weeks for the #SP500 as of today, the first actually in almost one year How's the #Fed balance sheet dong? Up 0.76% this week, most in a month. Though all things considered, materially unchanged since June/July Markets may be growing increasingly impatient... https://t.co/wD6wga9vsu
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/NBJ9qkaNei
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇳🇿NZD: 0.07% 🇪🇺EUR: -0.06% 🇨🇦CAD: -0.30% 🇨🇭CHF: -0.33% 🇬🇧GBP: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lYbgFKQKmu
  • USD/MXN is in danger of picking up more momentum as the recent decline takes out support levels and gains ‘negative curvature’ to its path. Get your $USDMXN technical analysis from @PaulRobinsonFX here: https://t.co/eQzD6JyA5c https://t.co/km6neTN3M6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Oil - US Crude: -0.55% Silver: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0yp0FnGl8y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in NZD/USD are at opposite extremes with 71.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fu1Xj6AuYv
  • US Equity Update (Friday Close): $DJI -0.88% $SPX -1.12% $NDX -1.30% $RUT -0.38% $VIX -2.00%
GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

2015-05-21 22:31:00
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: 1.5628, 1.5551, 1.5446
  • Resistance: 1.5740, 1.5814, 1.5923

The British Pound pushed higher anew against the US Dollar, hinting a two-month-old recovery may be set to resume. Near-term resistance is at 1.5740, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the May 14 high at 1.5814. Alternatively, a reversal back below the 14.6% level at 1.5628 opens the door for a challenge of the February 26 high at 1.5551.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

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

GBP/USD Technical Analysis: 2-Month Uptrend Back in Play?

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