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
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
Oil - US Crude
More View more
Real Time News
  • #JapaneseYen remains very fundamentally driven. #Brexit has for the moment replaced #USChinaTrade as the key risk appetite trip switch. However #USDJPY technicals are interesting too, with the pair at the top of a band it hasn't liked to be above lately. https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2019/10/21/Japanese-Yen-Holds-Dollar-Bulls-Near-Top-of-Key-Trading-Band-.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • LIVE IN 30 MIN: Join Currency Analyst @ZabelinDimitri as he previews the upcoming week’s main political themes and discusses their impact on the financial markets. Register here: https://www.dailyfx.com/webinars/146770987?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @scheplick: This week, there were massive protests in: Hong Kong Chile Lebanon Ecuador Haiti Indonesia Spain Libya Iraq France Englan…
  • RT @next_china: China Banks Unexpectedly Keep Loan Prime Rate Steady in October https://t.co/gEsDu1ADAH
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.03% Gold: 0.00% Oil - US Crude: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rwBMrPXH58
  • #BRL, #COP and the #CLP are expected to be the most active Latin American currencies vs USD with 1-week implied volatilities at 13.40, 10.47 and 9.34 respectively
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.21% 🇦🇺AUD: 0.06% 🇨🇦CAD: -0.05% 🇪🇺EUR: -0.11% 🇨🇭CHF: -0.12% 🇬🇧GBP: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/cJ8uz0usDy
  • How will #Brexit affect the US? Economist @julianHjessop gives his take, only on Global Markets Decoded #podcast. Missed the episode? Get your read here: https://t.co/9SFO9wikRI https://t.co/zQ4Bijk6Up
  • The $USD might be in the process of reversing its two-year uptrend, but technical positioning cautions eager sellers against over-committing. Get your $DXY market update from @IlyaSpivak here: https://t.co/RrifbHfNut https://t.co/VMPintsxrU
  • LIVE NOW: Join Senior Strategist @IlyaSpivak as he discusses the outlook for the financial markets in the week ahead! Register here: https://www.dailyfx.com/webinars/889679267?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
GBP/USD, GBP/JPY Technical Forecast: British Pound Price - Upside Break Out

GBP/USD, GBP/JPY Technical Forecast: British Pound Price - Upside Break Out

2019-09-05 09:56:00
Mahmoud Alkudsi, Market Analyst

GBP/USD and GBP/JPY Chart and analysis

Download for free our latest Q3 trading guides to help you build confidence when you trade on JPY, USD and other main currencies

GBP/JPY – GBP/USD- Changing Course

On Tuesday, GBP/USD declined to 1.1958 printing its lowest levels in nearly three years. However, yesterday the pair U- turned and traded higher recovering some of its losses. Similarly, GBP/JPY pointed higher yesterday indicating to buyers preparing to take over.

Yesterday, the Relative Strength Index (RSI) climbed above 50 on both pairs, reflecting a possible start of uptrend momentum.

Just getting started? See our Beginners’ Guide for FX traders

GBP/USD DAILY PRICE CHART (May 15, 2017 – AUG 29, 2019) Zoomed out

GBPUSD price daily chart 05-09-19 zoomed out

GBP/USD DAILY PRICE CHART (April 25 – Sep 5, 2019) Zoomed IN

GBPUSD price daily chart 05-09-19 zoomed in

Looking at the daily chart, we notice yesterday GBP/USD rallied to a higher trading zone 1.2148 – 1.2360 eyeing a test of the high end of it contingent on clearing the weekly resistance area marked on the chart.

Hence, any close above the high end of the zone could push GBPUSD towards 1.2785. However, the weekly resistance levels underlined o the chart (zoomed in) should be kept in focus.

Also, it’s worth mentioning that since the beginning of May GBP/USD has been trading in a downtrend channel and today, the price showed a significant sign of strength breaking above this channel at 1.2250.

On the flip-side, a close below the low end of the zone, may press the pair towards 1.1800. Although, the daily support level underscored on the chart needs to be watched closely.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

GBP/JPY DAILY PRICE CHART (MAy 15, 2017 – SEP 5, 2019) Zoomed out

GBPJPY price daily chart 05-09-19 zoomed out

GBP/JPY DAILY PRICE CHART (DEC 15, 2016 – SEP 5, 2019) Zoomed in

GBPJPY daily chart 05-09-19 Zoomed in

From the daily chart, we notice that om Tuesday GBP/JPY rebounded nearby 126.77 then reversed direction towards the high end of current trading zone 128.80 – 130.84.

Hence, a close above the high end of the zone could push the GBPJPY towards 133.40. That said, buyers would need to keep an eye on the weekly resistance levels underline on the chart (zoomed in).

It’s worth noting that currently, GBPJPY is testing the neckline of double bottom pattern. This suggests if the price remains above 130.70, it could rally towards 134.85. Taking into consideration the weekly resistance levels marked on the chart.

On the other hand, any failure in closing above the high end could send GBP/JPY back to the low end of current trading zone. Further close below this level could send the price may press the price towards 126.77. In that scenario, the weekly support levels underscored on the chart need to be monitored.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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


News & Analysis at your fingertips.