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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
GBP/USD: Bullish Breakout Fast Approaches 2018 Highs

GBP/USD: Bullish Breakout Fast Approaches 2018 Highs

James Stanley, Senior Strategist

Talking Points:

- Strength continues to show in the British Pound as a strong month of March reverses February losses. Last week produced a number of drivers around the British currency, key of which was a hawkish shift at the Bank of England that puts the spotlight on the bank’s May rate decision for the next potential adjustment to interest rates.

- Cable is fast approaching a key zone of resistance that’s been a major hindrance to GBP/USD’s 2018 bullish run. This zone comes-in at the 76.4 and 78.6% retracements of the ‘Brexit move’ in the pair, and bullish momentum appears to be waning as we near this zone with RSI divergence beginning to show.

- Are you looking to improve your trading approach? Check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Want to see how retail traders are currently trading GBP/USD? Click here for GBP/USD Sentiment.

GBP/USD Breakout Continues to Fresh Seven-Week Highs

Last week saw a number of interesting items come across the wires in pertinence to the British Pound, but perhaps the most interesting was price action in the currency as the bullish breakout continued on to fresh highs. In GBP/USD, that breakout started two weeks ago, as bulls pushed prices above a descending trend-line that had held the highs since January. As we wrote at the time, a test of 1.4000 appeared likely in the near-term; and after this level was scaled-above on the following Monday, we looked at the prospect of playing higher-low support around the 1.4000 level ahead of UK CPI.

That support came-in as the higher-low on Tuesday, shortly after the release of CPI, and bulls remained in-control for most of last week.

GBP/USD Four-Hour Chart: Bullish Breakout Continues After 1.4000 Support Check

gbpusd four hour chart

Chart prepared by James Stanley

Imposing Resistance Zone Nears

The British Pound was in the midst of an aggressively bullish trend in January. Buyers began to shy away from the move as the 78.6% Fibonacci retracement of the Brexit move neared, with the high coming-in just a couple of pips shy of that level at 1.4352. A subsequent attempt to take-out that high in January faltered, and we got a lower high at the 76.4% retracement of that same move. This begs the question: Do bulls finally have the ammunition that they need to leave this zone behind once and for all?

GBP/USD Daily Chart: 76.4, 78.6% Levels of Brexit Move Helping to Set Resistance

gbpusd daily chart

Chart prepared by James Stanley

GBP/USD Near-Term

The complication around GBP/USD at the moment is one of timing. While momentum has been undeniably bullish over the past couple of weeks and, bigger-picture, for most of the month of March, we’re at overbought levels from a number of different vantage points. On the four-hour chart, we’ve already seen RSI divergence starting to show as the indicator remains in overbought territory. The fact that this is showing so near those 2018 highs is another impediment to taking on longer-term bullish exposure at the moment with the current technical backdrop.

GBP/USD Four-Hour Chart: RSI Divergence Begins to Show as Overbought Conditions Remain

gbpusd four hour chart

Chart prepared by James Stanley

For bullish continuation, traders can look for higher-low support above that prior test of 1.4000. If we break back-below 1.4000, the prospect of bullish continuation will not remain as attractive, and this could be an ideal area to investigate for stop placement on top-side swing strategies. There are three such potential areas of higher-low support above 1.4000, and we’re looking at each on the below hourly chart of GBP/USD.

GBP/USD Hourly Chart: Higher-Low Support Potential For Bullish Continuation Above 1.4000

gbpusd hourly chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on GBP/USD? Our DailyFX Forecasts for Q1 have a section specifically for GBP/USD. We also offer a plethora of resources on our GBP/USD page, and traders can stay up with near-term positioning via our IG Client Sentiment Indicator.

--- Written by James Stanley, Strategist for

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.