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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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 US 10Y beginning to retrace some of last week's rally, slowly crawling back towards 1.50% https://t.co/P2a5fHQUlq
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.03% Silver: -0.22% Gold: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XxGZAbPEdL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 74.73%, while traders in France 40 are at opposite extremes with 78.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7XIu5r1o2l
  • #Euro Forecast: $EURUSD Falters at Yearly Open Resistance- #FOMC Levels - https://t.co/uWukTncIRg https://t.co/dn84mhHxQx
  • The gold monthly opening-range is set just below confluence resistance – breakout to offer guidance. Get your $XAUUSD market update from @MBForex here:https://t.co/19rCMiLlxG https://t.co/uFGK8q14KG
  • WTI Crude Oil Breakout (Update) https://www.dailyfx.com/forex/analyst_picks/todays_picks/james_stanley/2021/06/14/wti-crude-oil-breakout-update.html $oil #oott https://t.co/UGOItnUhgd
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.03% France 40: -0.10% US 500: -0.23% FTSE 100: -0.23% Wall Street: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/th5Y4GcBcR
  • I don't think this has any easier a path to developing into momentum ahead of the Fed decision as bullish efforts elsewhere, but the $DJI Dow is tentatively breaking lower and the Nasdaq-to-Dow ratio usually showing spec reach is rising: https://t.co/eN8xb6JOhW
  • WTI crude oil has room to rally further. Around the 77 mark lies substantial long-term resistance. Get your market update from @PaulRobinsonFX here:https://t.co/J0qpmLG6wF https://t.co/M2sThc69rK
  • In May of last year, Paul Tudor Jones made a big statement in support of #BTC - was trading under 10k at the time. https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/05/07/Bitcoin-Breakout-BTC-to-Fresh-Highs-JS-as-PTJ-Makes-Bull-Case-Bitcoin-to-USD.html 13 months later, he made some add'l remarks on #Bitcoin ahead of #FOMC - talked about it in this article https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/14/has-bitcoin-btc-btcusd-bottomed-ptj-makes-bull-case.html
GBP/USD Price Forecast: Reversal Signals on GBP vs USD Chart

GBP/USD Price Forecast: Reversal Signals on GBP vs USD Chart

Mahmoud Alkudsi, Analyst

GBP/USD Price Technical Outlook

  • Bears Show More Sway
  • Key Levels and threshold to consider

Hesitant Bears

On Thursday, British Pound fell to its lowest level in thirty-five years at 1.1411. The price rallied as bears seemed to cover. In the following day, the market closed the weekly candlestick in the red with nearly 5.1% loss. This week, bears eased up more allowing GBP/USD to rally further.

The Relative Strength Index (RSI) abandoned the oversold territory, highlighting a weaker downtrend momentum.

GBP/USD DAILY PRICE CHART (Nov 14, 2018 – MaR 25, 2020) Zoomed out

GBPUSD daily price chart 25-03-20 Zoomed out

GBP/USD DAILY PRICE CHART (JAN 30– Mar 25, 2020) Zoomed IN

GBPUSD daily price chart 25-03-20 Zoomed in

From the daily chart, we noticed that on Friday GBP/USD rallied to current trading zones 1.1550 – 1.1958. On Monday, the market failed to close below the low end of the zone reflecting further hesitation from bears. This led the price to really eyeing a test of the high end of it.

A close above the high end of the zone may lead GBPUSD to raise towards 1.2195. Further close above that level could extend the rally towards 1.2364. That said, the daily and weekly resistance levels marked on the chart (zoomed in) should be watched along the way.

In turn, any failure in closing above the high end of the zone could mean more of the same i.e. the price could point lower towards the low end of the zone. Further close below that level could send GBPUSD towards 1.1250. Nevertheless, the daily support level underscored on the chart should kept in focus.

GBP/USD Four Hour PRICE CHART (Mar 7 – Mar 25, 2020)

GBPUSD four hour price chart 25-03-20

Looking at the four-hour chart, we noticed that yesterday GBP/USD rallied above the downtrend line originated from the March 13 high generating a bullish signal. Today, the market has violated the neckline of double bottom pattern (reversal formation) located at 1.1935 eyeing a test of 1.2360.

Thus, a break above 1.1986 could provide another bullish signal. This could cause a rally towards 1.2108. Although, the daily resistance level underlined on the chart should be considered. On the other hand, a break below 1.1714 might send GBPUSD towards 1.1580. Yet, the daily support level printed on the chart should be monitored.

See the chart to find out more about key levels Cable would encounter in a further bearish /bullish scenario.

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