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
GBP/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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Ai9FWJJ6g7
  • 🇺🇸 MBA Mortgage Applications (23/JUL) Actual: 5.7% Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.77%, while traders in Wall Street are at opposite extremes with 74.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xocIEsnpei
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/JUL) due at 11:00 GMT (15min) Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • Bitcoin (BTCUSD) putting in a decent shift and back above $40k - ignoring the 'will they/won't they?' Amazon chatter. #bitcoin #btc @DailyFXTeam Prices via @IGcom https://t.co/jXB2fP11kG
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:https://t.co/7G7pWntiyY https://t.co/IwfNn9HRhM
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.29% Gold: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ClrxkIhs94
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.25% 🇨🇭CHF: 0.03% 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.13% 🇳🇿NZD: -0.21% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OCHk2MUjOO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.82% FTSE 100: 0.28% Germany 30: 0.19% US 500: 0.18% Wall Street: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rbdrdjj6kp
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/NPHJ7riOrS
GBP/USD Technical Analysis:  New Up-Trend in the Cable

GBP/USD Technical Analysis: New Up-Trend in the Cable

James Stanley, Senior Strategist

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

Talking Points:

In our previous piece on Wednesday, we highlighted a new up-trend in the Cable as strong wage growth numbers stoked hopes for inflation in the British economy. And after comments from BOE member Kristin Forbes and Governor Mark Carney indicated that rate hikes may be around-the-corner for the economy, the Sterling has continued to price higher. After the Fed backed off of September rate hikes, this made GBP even more attractive, as this may be one of the few currencies looking at a rate hike in the coming months.

The pair has continued to put in higher-highs, and higher-lows: The price action hallmark of a strong up-trend. But capping the bullishness over the past two days is a projected trend-line, connecting the May low to the July low (shown in purple on the below chart). This is an example of old support becoming new resistance, and this could be a near-term threat to this budding up-trend.

The next level of interest on the pair is at 1.5500, which is a confluent level of psychological support/resistance as well as being a mere nine pips off of the 50% Fibonacci retracement of the most recent major move (taking the May low to the June high). Should price find support in the vicinity of this price, long positions could be attractive with stops below 1.5410 (the 61.8% Fibonacci retracement of the most recent major move), or 1.5345 as wider-risk level (which is the 50% retracement of the ‘secondary’ move from the financial collapse low of 1.3500 to the July 2014 high). Long positions could cast targets at 1.5600 (the 38.2% retracement of the most recent major move and very near to that projected trend-line), and then 1.5730 (23.6% of the most recent major move) and then 1.5750 (‘major psychological level’).

Alternatively, breaks below 1.5500 could open the door for bearish operations, with targets cast towards that 1.5410 level, 1.5345, and then 1.5300.

GBP/USD Technical Analysis:  New Up-Trend in the Cable

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