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 Download
EUR/USD
Bullish
GBP/USD
Bearish
USD/JPY
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
Gold
Bearish
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
Bitcoin
Bullish
More View more
Real Time News
  • #Copper prices are rapidly approaching a 17-year uptrend as concern about the #coronavirus threatens to thwart global stabilization and demand for the growth-oriented commodity. Get your market update from @ZabelinDimitri here:https://t.co/2RbfvVZOxX https://t.co/m3EJI8sksF
  • My trading video for the weekend: 'S&P 500, Yen, Gold - A Lot Rides On Weekend Appeals and Monday's Open' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/29/SP-500-Yen-Gold---A-Lot-Rides-On-Weekend-Appeals-and-Mondays-Open.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • The $USD technical outlook is still pointing higher against the Malaysian Ringgit and Philippine Peso following near-term weakness. What is the road ahead for USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/IQUjFt8CVE https://t.co/8rSTyzBf9U
  • That is....that is not good. I am frankly shocked they let a number like that print https://t.co/HauBmn8w3X
  • The $NZD may fall versus the Australian Dollar on a more-dovish RBNZ down the road. “Risk-neutral” AUD/NZD has been maintaining composure as stocks sell off on coronavirus fears. Get your @ddubrovskyFX here: https://t.co/3OtpuHRHBv https://t.co/zW4D14QGVT
  • RT @globaltimesnews: 594 new cases of #COVID19 have been confirmed in South Korea from 4 pm Friday to 9 am Saturday, taking the total numbe…
  • Odds of 1 25-bp #Fed rate cut in March = 100% Odds of a 2nd cut on top of that = 52.5% -Fed funds future, via BBG
  • The $JPY may rise if fear about the #coronavirus causing a credit crisis puts a premium on liquidity and a discount on growth-oriented assets. Get your JPY market update from @ZabelinDimitri here: https://t.co/6MWGGJy2Pl https://t.co/wPnegaUeLA
  • Not good https://t.co/T2IQSFgbma
  • South Korea confirms 594 more #coronavirus cases with deaths rising by 16 -BBG
GBP/USD, GBP/JPY Price - British Pound May Keep Rallying Above these Levels

GBP/USD, GBP/JPY Price - British Pound May Keep Rallying Above these Levels

2019-10-16 10:15:00
Mahmoud Alkudsi, Market Analyst
Share:

GBP/USD and GBP/JPY Technical Forecast

Download for free our latest Q4 trading guidesto help you build confidence when you trade on JPY, USD and other main currencies

Super Sterling Pound

On Oct 10, Sterling pound started to gain territory against US Dollar and Japanese Yen. Since then GBP/USD took off crushing well known resistance levels gaining nearly 4.7% until yesterday. Similarly, GBP/JPY pushed higher gained nearly 5.9%.

The Relative Strength Index (RSI) crossed above 50 highlighting the end of downtrend move and a fresh start of uptrend momentum.

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

GBP/USD DAILY PRICE CHART (June 8, 2017 – Oct 16, 2019) Zoomed out

GBPUSD price daily chart 16-10-19 zoomed out

GBP/USD DAILY PRICE CHART (March 10 – Oct 16, 2019) Zoomed IN

GBPUSD price daily chart 16-10-19 zoomed in

From the daily chart, we notice on Thursday GBP/USD buyers showed strength leading the pair to close above 50-Day average and 1.2360. This week, the price continued its rally and pushed to a higher trading zone 1.2550 – 1.2785 . Yesterday, the pair rebounded nearby the high end of it.

Thus, a close above the high end could see GBPUSD trading towards 1.2965. Further close above 1.3048 could mean more bullishness towards 1.3300. That said, the weekly resistance levels underlined on the chart (zoomed in) should be considered.

Alongside this, any failure in closing above the high end of the zone could reverse the pair’s direction sending it towards the low end of the zone. Although, the daily support levels marked on the chart should be monitored closely.

See the chart, to know more about lower trading zone/s with the key trading levels GBPUSD would encounter in a further bearish move.

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

GBP/JPY DAILY PRICE CHART (Jan 4, 2017 – Oct 16, 2019) Zoomed out

GBPJPY daily chart 16-10-19 Zoomed out

GBP/JPY DAILY PRICE CHART (June 12 – Oct 16, 2019) Zoomed in

GBPJPY daily chart 16-10-19 Zoomed in

Looking at the daily chart, we notice on Thursday GBP/JPY buyers pushed the pair above 50- Day average and 133.40. Similarly, to GBP/USD the pair resumed bullish price action this week and moved to a higher trading zone 136.40 – 139.00.

Yesterday, the price tested the high end of the zone however, closed below this level. Hence, if buyers continue pushing GBPJPY higher, then a close above 139.00 could send the price towards 140.50. Further close above this level may see the pair trading even higher towards 143.06. In this scenario, the weekly resistance levels underscored on the chart (zoomed in) should be kept in focus.

On the other hand, a close below 136.28 could press GBPJPY towards 135.55. Further close below this level may lead the pair back to 133.40. Nevertheless, the daily support levels marked on the chart should be followed along the way.

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.

DISCLOSURES

News & Analysis at your fingertips.