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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
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
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
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The scale of the monthly chart can be particularly useful in spotting systemic developments. Gold for example reflects enormous lift of a haven during supposed 'risk on'. The candle chart is gold equally weighted in USD, EUR, GBP and JPY. Orange is $GC_F https://t.co/4yEjT7FvGA
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.49% 🇨🇭CHF: 0.30% 🇪🇺EUR: 0.25% 🇳🇿NZD: -0.06% 🇨🇦CAD: -0.06% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OR9TIAZM1e
  • Food for thought https://t.co/WyOnOvnPbM
  • More people have filed for unemployment in the United States in the last three months than the entire population of Canada... In other news, $QQQ is just ~3% from its all-time high!
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.85% Gold: 0.73% Oil - US Crude: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tCGrDwpnas
  • There really is no “taking one day off Twitter without something massive happening” is there? https://t.co/xRQ4wzhA43
  • With $EURUSD clearing 1.1000 this past week and the big swing the past few weeks, it seems remarkable progress for the benchmark currency pair. But consider the monthly picture. It is still awaiting the sentiment nod... https://t.co/4jBDlHwEqg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.03%, while traders in US 500 are at opposite extremes with 75.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BUbAYHNPIt
  • Amid escalating China tension, Australian Dollar risk reversals indicate that the bullish bias recently enjoyed by AUD/USD could soon unwind and pressure spot prices back lower. Get your AUD/USD technical analysis from @RichDvorakFX here: https://t.co/ZAHEwxNrEW https://t.co/cIFgSuoWF2
  • Update on #Cryptocurrencies #BITCOIN -0.31% #BITCOINCASH +0.70% #ETHEREUM +2.67% #RIPPLE -0.51% #LITECOIN +0.52%
GBP/USD Technical Analysis:  Congestion Ahead of Heavy Data

GBP/USD Technical Analysis: Congestion Ahead of Heavy Data

2015-09-14 19:54:00
James Stanley, Strategist
Share:

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • GBP/USD Technical Strategy: Long Setup Invalidated
  • GBP/USD prints a Doji for a second consecutive indecision candlestick after Friday’s Spinning Top.
  • UK CPI on Tuesday could provide near-term direction in the Sterling

The British Pound followed up last week’s strong performance with a vast amount of indecision throughout the trading day. The Monday open saw price remain supported above the 1.5410 support level early in the session, only to yield to persistent selling as weakness in Asia created risk-aversion throughout many FX markets. The low of today invalidated the higher-low support identified last week, and the long setup has been invalidated as support did not hold.

Moving forward, GBP/USD could carry both bullish and bearish connotations: The Bearish setup highlights three consecutive days of resistance in the 1.5468 zone, which also coincides with the 34-day Exponential Moving Average. The Bullish setup would look to the prior swing-low, offering support on Wednesday and Thursday of last week at the 50% Fibonacci retracement of the ‘secondary move’ (Financial Collapse low of 1.35006 to the 2014 high).

The likely determinant of near-term direction in the pair will be Inflation numbers for the UK released on Tuesday morning. This has been a major push-point for the Sterling, as the Bank of England has cooled their dovish tone, and commentary from Ms. Kristin Forbes on Friday of last week gave the appearance that the bank may be looking to hike ‘sooner rather than later.’

Near-term, breaks of 1.5500 should be construed bullishly, while continued resistance in the neighborhood of 1.5465 could be construed bearishly.

GBP/USD Technical Analysis:  Congestion Ahead of Heavy Data

Written by James Stanley of DailyFX; you can join his distribution list with this link, and you can converse with him over Twitter @JStanleyFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.