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
More View more
Real Time News
  • 🇦🇺 Balance of Trade (JUN) Actual: A$10.496B Expected: A$10.45B Previous: A$9.269B https://www.dailyfx.com/economic-calendar#2021-08-05
  • 🇦🇺 Balance of Trade (JUN) Actual: A$10.496B Expected: A$10.45B Previous: A$9.681B https://www.dailyfx.com/economic-calendar#2021-08-05
  • The Nasdaq 100 may continue outperforming Dow Jones futures ahead as fears about global growth continue weighing on the 10-year Treasury yield ahead of NFPs. What are the risks? Find out from @ddubrovskyFX here:https://t.co/kADmxIfyHt https://t.co/xZl7hTPoSI
  • Heads Up:🇦🇺 Balance of Trade (JUN) due at 01:30 GMT (15min) Expected: A$10.45B Previous: A$9.681B https://www.dailyfx.com/economic-calendar#2021-08-05
  • S&P 500 Falls on Weaker ADP Jobs Report, Hang Seng to Open Flat https://www.dailyfx.com/forex/market_alert/2021/08/05/SP-500-Falls-on-Weaker-ADP-Jobs-Report-Hang-Seng-to-Open-Flat-.html https://t.co/Pql6w44nPl
  • 🇵🇭 Inflation Rate YoY (JUL) Actual: 4% Expected: 3.9% Previous: 4.1% https://www.dailyfx.com/economic-calendar#2021-08-05
  • Heads Up:🇵🇭 Inflation Rate YoY (JUL) due at 01:00 GMT (15min) Expected: 3.9% Previous: 4.1% https://www.dailyfx.com/economic-calendar#2021-08-05
  • The Australian Dollar may face swelling selling pressure from souring risk appetite over the COVID-19 delta variant and escalating tension with China. Get your $AUD markt update from @ZabelinDimitri here:https://t.co/Vy81GwhvzP https://t.co/U5PgkYUot6
  • (ASEAN Tech) US Dollar Outlook Bearish: Thai Baht Still at Risk as SGD, PHP, IDR Outperform #USD $USDSGD $USDIDR $USDTHB $USDPHP https://www.dailyfx.com/forex/technical/article/special_report/2021/08/05/US-Dollar-Outlook-Bearish-Thai-Baht-Still-at-Risk-as-SGD-PHP-IDR-Outperform.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/hvFwh6eTTg
  • 🇯🇵 Foreign Bond Investment (31/JUL) Actual: ¥225.6B Previous: ¥-1083B https://www.dailyfx.com/economic-calendar#2021-08-04
GBP/USD Technical Analysis: Waiting to Enter Short Trade

GBP/USD Technical Analysis: Waiting to Enter Short Trade

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: 1.5464, 1.5289, 1.5170
  • Resistance: 1.5647, 1.5794, 1.5941

The British Pound moved higher against the US Dollar as expected after producing a Bullish Engulfing candlestick pattern. A daily close above the38.2% Fibonacci expansionat 1.5647 exposes the 50% level at 1.5794. Alternatively, a turn below the 23.6% Fib at 1.5464 opens the door for a challenge of trend line resistance-turned-support at 1.5289.

A long trade is tempting from a purely technical perspective but we will tactically opt to stand aside. Longer-term positioning seems to broadly favor USD strength against the Pound, suggesting any on-coming gains are likely to be corrective. With that in mind, we will wait until the upswing yields a selling opportunity.

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

GBP/USD Technical Analysis: Waiting to Enter Short Trade

--- 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