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
More View more
Real Time News
  • RT @ZabelinDimitri: Marx once wrote that “history repeats itself, first as tragedy, second as farce”. In a sadistically comical way, he may…
  • Further your forex knowledge and gain insights from our expert analyst @ @MartinSEssex and @DColman on EUR with our free Q4 market analysis guide, available for free today. #Dailyfxguides
  • US Dollar losing its appear demand picks up for major counterparts. Risk of larger setback as risk appetite stabilises. Get your weekly US Dollar forecast from @JMcQueenFX here:
  • Believe it or not, some stocks may actually be more attractive in a bear market. Learn more about Defensive stocks here:
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. #DailyFXGuides
  • Stocks looked poised to rally with risk sentiment generally strong and technical signposts supportive of higher levels. Get your weekly equities forecast from @PaulRobinsonFX here:
  • Volatility, volatility, volatility. It's talked about so often but how can a trader really incorporate this into their approach? Find out here:
  • Markets move in cycles, and stocks do too, with certain sectors carrying more attraction in various backdrops. Learn more here:
  • Bitcoin broke above $60k earlier in the session to a fresh multi-month high on the renewed expectation that the SEC will approve a futures-based Bitcoin ETF very soon. Get your weekly #Bitcoin forecast from @nickcawley1 here:
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today. #Dailyfxguides
GBP/USD Technical Analysis: Pound Up But Trend Bias Bearish

GBP/USD Technical Analysis: Pound Up But Trend Bias Bearish

Ilya Spivak, Head Strategist, APAC


  • British Pound upswing puts support-turned-resistance under fire
  • Overall chart positioning continues to favor a bearish trend bias
  • Retail client sentiment studies warn GBP might extend recovery

The British Pound has retraced some of its recent losses against the US Dollar, moving to re-test support-turned-resistance set from early November that was overcome last week. This barrier is reinforced by a downward-sloping trend line capping forays to the upside since the start of the year.

A daily close above the latter barrier would neutralize near-term selling pressure, setting the stage for another challenge of structural resistance guiding GBP/USD lower for over 12 years. Alternatively, turning back below the February 10 low at 1.2872 exposes the 1.2763-84 inflection area.

British Pound vs US Dollar price chart - daily

GBP/USD daily chart created with TradingView

On balance, the upswing as it presents itself thus far appears to be corrective in the context of a longer-term decline. The year opened with a break of 3-month support in the wake of rejection at structural resistance. That may well be setting the stage for lasting bearish follow-through.



Chart of British Pound vs US Dollar exchange rate, retail client sentiment

Retail trader data shows 58.21% of traders are net-long with the ratio of traders long to short at 1.39 to 1. The number of traders net-long is 19.23% lower than yesterday and 25.15% lower from last week, while the number of traders net-short is 14.11% higher than yesterday and 36.33% higher from last week.

IG Client Sentiment (IGCS) is typically used as a contrarian indicator, traders being net-long suggests GBP/USD may continue to fall.Yet traders are less net-long than yesterday and compared with last week. This warns that prices may reverse higher.

See the full IGCS sentiment report here.


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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