GBP/USD

The British Pound against the US Dollar is one of the oldest currency pairings in the world. The pair is often called 'The Cable', as the first transatlantic communication cable run across the floor of the Atlantic, connecting Great Britain with The United States, was used to transmit currency prices between the two economies. 'The Cable' remains a favorite of traders today, accumulating massive interest considering the size of The UK economy.


SSI: The Speculative Sentiment Index


Last Week
1.49
Current
---
Short
Chg. Open Interest
-2.3%
Outlook
bearish

Support & Resistance

GBP/USD
GBP/USD Staying below 2015 Lows
S11.4432 M R31.4750 S
S21.4371 S R21.4667 M
S31.4250 S R11.4564 S
Trend
down
Volatility
100%

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GBP/USD Staying below 2015 Lows

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Analyst picks

Walker England   

Forex Trading Instructor

My Picks: GBP/USD Inside bar Breakout
Expertise: Technical
Average Time Frame of Trades: 1 Day - 1 Week


Pivot Points

Candlestick

Symbol Trends Bias Time Frame Candlestick Formation Candle Bias
GBP/USD
weekly BULLISH ENGULFING

GBP/USD Candlestick Analysis: Rebound Begins as Expected

Fundamental analysis, economic and market themes

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Talking Points:

  • GBP/USD Strategy: Flat
  • Pound Begins Recovery as Expected
  • Waiting to Sell Once Bounce Fizzles

The British Pound turned higher against the US Dollar as expected after prices put in a Bullish Engulfing candlestick pattern coupled with positive RSI divergence. From here, a push above the 23.6% Fibonacci retracement at 1.5185 exposes the 38.2% level at 1.5568. Alternatively, a reversal back below the 14.6% retracement at 1.4948 targets the 23.6% Fib expansion at 1.4561.

The overall GBP/USD trend continues to look bearish. With that in mind, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

GBP/USD Candlestick Analysis: Rebound Begins as Expected

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


Forex Economic Calendar


USD Business Inventories
m
A: 0.1%
F: 0.2%
P: -0.2%

USD Baker Hughes U.S. Rig Count
m
A: 541
F: 
P: 571

GBP Rightmove House Prices (YoY)
m
A: 
F: 
P: 6.5%

GBP Consumer Price Index (MoM)
m
A: 
F: 
P: 0.1%

GBP Consumer Price Index (YoY)
h
A: 
F: 
P: 0.2%

GBP Core Consumer Price Index (YoY)
h
A: 
F: 
P: 1.4%
A: Actual   F: Forecast    P: Previous