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
Mixed
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
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
Mixed
GBP/USD
Bullish
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 Canadian Dollar gained with government bond yields. Might USD/CAD find its way to current 2020 lows? Canada’s benchmark stock index, the TSX Composite, faces the March high.Get your $USDCAD market update from @ddubrovskyFX here:https://t.co/0Ba8E2S7vC https://t.co/JLUTzF6xlY
  • IG Client Sentiment is warning that the S&P 500, gold prices and AUD/USD could fall ahead as upside exposure accumulates. What are key technical levels to watch for next? Find out from @ddubrovskyFX here: https://t.co/YsBypn73vy https://t.co/erPb9HMRVc
  • The US Dollar could be readying to rise against the Singapore Dollar and Indonesian Rupiah ahead. Will USD/PHP and USD/MYR also follow this outlook? Find out from @ddubrovskyFX here: https://t.co/xvMPZha5SB https://t.co/P9QLmnY1Fg
  • The Euro has been struggling to maintain its upside momentum. Is EUR/USD readying to turn lower? EUR/AUD may be aiming to rise, but has EUR/CAD topped? Find out from @ddubrovskyFX here: https://t.co/vlJM3iQIYS https://t.co/8FGl10wDto
  • Third consecutive weekly gain in the #SP500 as of today's close, rising 0.63% #Fed balance sheet gained by 0.18% over the same period after shrinking -0.06% previously Generally speaking, the size of the b/s has remained more or less unchanged for a month https://t.co/0TrEA5RGmA
  • The outlook for gold might look a little tenuous at the moment, but this won’t be the first time a strong bull market has shown signs of a potential top due to short-term price action. Get your $XAUUSD technical analysis from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/jCEkFzCxEr
  • Well, I don't know who has had it worse this week: Barca or Kodak
  • GBP/USD is either treading water at resistance and is nearing a breakout or is working on developing a top. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:https://t.co/RnrBCFE3gt https://t.co/bDWWjzT57m
  • Stop watching the Champions League game. The FX markets are still open
  • After a swift recovery from the March 2020 low, EUR/USD price action has been in favor of the bulls. Get your EUR/USD market update here: https://t.co/goRwqwO1iC https://t.co/S3LsxMOP1E
GBP/USD Technical Analysis: Bullish Reversal Brings post-Election Highs

GBP/USD Technical Analysis: Bullish Reversal Brings post-Election Highs

2017-06-28 12:12:00
James Stanley, Strategist
Share:

To receive James Stanley’s Analysis directly via email, please sign up here.

Talking Points:

- GBP/USD Technical Strategy: Bearish longer-term trend with near-term bullish reversal.

- GBP/USD has put in a bullish reversal as the Dollar has run down to fresh seven-month lows.

- If you’re looking for trading ideas, check out our Trading Guides. They’re free and updated for Q1, 2017. If you’re looking for ideas more short-term in nature, please check out our IG Client Sentiment.

Over the past week, the British Pound has put in the makings of what looks to be a bullish move on shorter-term charts. After falling to a fresh near-term low of 1.2587 last week, USD-weakness has taken over and Cable has popped-higher, setting a new post-Election high in the process. On the hourly chart below, we’re looking at this bullish move building over the past week after that low was set last Wednesday.

GBP/USD up to Fresh post-Election Highs

GBP/USD Technical Analysis: Bullish Reversal Brings post-Election Highs

Chart prepared by James Stanley

Going along with this move has been a pronounced sell-off in the U.S. Dollar as DXY has sunk to fresh seven-month lows. This has driven many currency pairs up to fresh highs, such as EUR/USD setting a new one-year high water-mark. GBP/USD continues to recover from the post-Election sell-off that took place earlier in June, and with this rally over the past two days, the pair is now trading at fresh post-Election highs.

GBP/USD Technical Analysis: Bullish Reversal Brings post-Election Highs

Chart prepared by James Stanley

In yesterday’s Market Talk article, we looked at a zone of what we had called ‘secondary resistance’ from the levels of 1.2813-1.2830. Each of those levels come from prior price action swing-highs, and this has produced a zone that appears to have caught some near-term resistance. In the midst of yesterday’s Dollar sell-off, we did see some penetration of this zone, albeit briefly, before sellers came-in to offer Cable-lower.

For traders looking at bullish exposure in Cable, under the anticipation that this rout in the U.S. Dollar might continue, they’d likely want to keep risk relatively tight, looking to the daily low of 1.2791 for stop placement on topside strategies. For those looking at bearish reversal strategies in Cable, yesterday’s spike-high could be usable for stop placement, with targets directed towards the daily low of 1.2791 and then the prior area of resistance at 1.2755.

GBP/USD Technical Analysis: Bullish Reversal Brings post-Election Highs

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES

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.