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
More View more
Real Time News
  • Heads Up:🇺🇸 Continuing Jobless Claims (24/JUL) due at 12:30 GMT (15min) Expected: 3260K Previous: 3269K https://www.dailyfx.com/economic-calendar#2021-08-05
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.42% 🇳🇿NZD: 0.36% 🇨🇦CAD: 0.31% 🇪🇺EUR: 0.11% 🇨🇭CHF: 0.10% 🇯🇵JPY: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tT1sFAfOWg
  • Heads Up:🇺🇸 Jobless Claims 4-week Average (JUL/31) due at 12:30 GMT (15min) Previous: 394.5K https://www.dailyfx.com/economic-calendar#2021-08-05
  • Heads Up:🇺🇸 Initial Jobless Claims (31/JUL) due at 12:30 GMT (15min) Expected: 384K Previous: 400K https://www.dailyfx.com/economic-calendar#2021-08-05
  • Heads Up:🇺🇸 Balance of Trade (JUN) due at 12:30 GMT (15min) Expected: $-73.9B Previous: $-71.2B https://www.dailyfx.com/economic-calendar#2021-08-05
  • Heads Up:🇨🇿 CNB Interest Rate Decision due at 12:30 GMT (15min) Expected: 0.75% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2021-08-05
  • Heads Up:🇨🇦 Balance of Trade (JUN) due at 12:30 GMT (15min) Expected: C$-0.8B Previous: C$-1.39B https://www.dailyfx.com/economic-calendar#2021-08-05
  • - The Bank Rate is the BoE's main policy tool for altering monetary conditions - Impact of reducing stock of BoE assets is uncertain
  • BoE's Bailey - After furlough period expires, we do not see an increase in unemployment - Job openings and labour market tightness are becoming more evident
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/MVvDV37LoH
New Lows for GBPUSD as Retail FX Takes Profit on Shorts

New Lows for GBPUSD as Retail FX Takes Profit on Shorts

Christopher Vecchio, CFA, Senior Strategist
ssi_gbp-usd_body_x0000_i1034.png, New Lows for GBPUSD as Retail FX Takes Profit on Shorts

GBPUSDRetail FX traders remain short the British Pound versus the US Dollar, but sentiment has eased away from a record extreme, suggesting that $1.6300 may yet again serve as a top for the GBPUSD.

Trade Implications – GBPUSD: As with the Euro, we believe that such one-sided sentiment favors a near-term GBPUSD top. Our sentiment-based trading strategies have done especially well buying GBP as crowds sell, and our Momentum2 could catch a major turning point if they suddenly go in the opposite direction.

The data itself shows the dangers of trying to time a major price reversal; crowds have been short since the GBPUSD crossed above $1.5200 in August 2012. We’ll need to see evidence of a turn before joining them – a continuing easing of sentiment will suffice.

--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com

ssi_gbp-usd_body_x0000_i1039.png, New Lows for GBPUSD as Retail FX Takes Profit on Shorts

Automate our SSI-based trading strategies via Mirror Trader free of charge

Contact Christopher via email at cvecchio@dailyfx.com.

Twitter at http://www.twitter.com/CVecchioFX

Facebook at http://www.Facebook.com/CVecchioFX

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

DISCLOSURES