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.

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
Mixed
Wall Street
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
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • 🇸🇬 Unemployment Rate Prel (Q4) Actual: 3.2% Previous: 3.6% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/JfZU1Hlxn5
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q4) due at 02:30 GMT (15min) Previous: 3.6% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 Full Year GDP Growth (2020) Actual: -9.5% Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 GDP Growth Rate QoQ (Q4) Actual: 5.6% Previous: 8% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 GDP Growth Rate YoY (Q4) Actual: -8.3% Expected: -8.5% Previous: -11.4% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇵🇭 Full Year GDP Growth (2020) due at 02:00 GMT (15min) Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇵🇭 GDP Growth Rate YoY (Q4) due at 02:00 GMT (15min) Expected: -8.5% Previous: -11.4% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇵🇭 GDP Growth Rate QoQ (Q4) due at 02:00 GMT (15min) Previous: 8% https://www.dailyfx.com/economic-calendar#2021-01-28
  • The Bitcoin/Ethereum ratio’s break to its lowest levels since August 2018 suggests that ETH may continue to outperform BTC in the coming weeks. Key levels to watch for Bitcoin and Ethereum. Get your $btc market update from @DanielGMoss here:https://t.co/mo3rw7bP4v https://t.co/Ev0H7mHBU1
GBP/USD Price Recovery On Hold - Will Bears Comeback?

GBP/USD Price Recovery On Hold - Will Bears Comeback?

Mahmoud Alkudsi, Analyst

GBP/USD Price Technical Forecast

  • Hesitant bulls led Cable to trade in a narrow range
  • Signals and levels to monitor on GBP vs USD chart

GBP/USD- Interrupted Rally

On March 26, GBP/USD rallied as some bears seemed to pull out of the market. This allowed Cable to recover some of its recent losses. Last week, the rally paused reflecting bull’s hesitation to push the price further. On Friday, the weekly candlestick closed in the red with 1.4% loss.

The Relative Strength Index (RSI) remained flat near 50, signaling lack of impulse of uptrend move.

GBP/USD DAILY PRICE CHART (Nov 14, 2018 – April 7, 2020) Zoomed out

GBP/USD Price Recovery On Hold - Will Bears Comeback?
Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

GBP/USD DAILY PRICE CHART (JAN 30– APRIL 7, 2020) ZOOMED IN

GBP/USD Price Recovery On Hold - Will Bears Comeback?

From the daily chart, we noticed that last week, GBP/USD created four Doji pattern in a row highlighting bull’s hesitation to control the price action. On Friday, the pair retreated to current trading zone 1.2195 – 1.2364.

Thus, a close below the low end of the zone reflects a possible bearish comeback. This may send GBPUSD towards 1.1958. Further close below that level could encourage bears to press towards 1.1550. Having said that, the daily and weekly support level underscored on the chart (zoomed in) should be watched closely.

On the flip-side, any close above the high end of the zone may cause a rally towards 1.2589. Further close above that level could extend the rally towards 1.2830. Yet, the weekly resistance levels marked on the chart would be worth monitoring.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

GBP/USD Four Hour PRICE CHART (Mar 17 – April 7, 2020)

GBPUSD four hour price chart 07-04-20

Looking at the four-hour chart, we noticed that uptrend move pushed GBP/USD on March 27 to its highest level in two weeks at 1.2486. Bulls failed twice to overtake this level signaling weaker uptrend momentum. This led the price on Friday to break the uptrend line originated from the March 23 low at 1.1472 generating a bearish signal.

A break below 1.2150 would be considered as an additional bearish signal and increases the likelihood of falling towards 1.1976. Yet, the weekly support level underlined on the chart should be kept in focus. In turn, a break in the other direction i.e. above the aforementioned March 27 high may entice bulls to push GBPUSD towards 1.2559. Although, the weekly resistance level printed on the chart should be considered.

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

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

What is the fundamental side of the story? Read more in: British Pound (GBP) Latest: Firmer After Tumble on News Johnson in Intensive Care

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