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Technical Analysis

Technical Analysis
Monday 14th September: Weekly Technical Outlook and Review

Sterling wrapped up the week erasing nearly 500 pips, its largest one-week loss against the buck since March. Price squeezed out any remaining buyers from the 2020 yearly opening value at 1.3250 and concluded within touching distance of the 2019 yearly opening value at 1.2739, a level that merges closely with trend line resistance-turned support, extended from the high 1.5930.

By IC Markets

Technical Analysis
Friday 11th September: Technical Outlook and Review

Plagued by heightened no-deal Brexit risk, GBP/USD is currently down by 3.5% this week and 1.5% Thursday. Selling from 1.30 is likely on the watchlist for many traders going forward. The fact we have H4 resistance at 1.3009 and daily resistance at 1.3017 located nearby offers healthy confluence to work with, targeting H4 support at 1.2939 as an initial take-profit zone.

By IC Markets

Technical Analysis
Thursday 10th September: Technical Outlook and Review

Upbeat comments from ECB officials, together with the US dollar index receding from 93.66 session peaks, had EUR/USD switch into positive territory heading into Wednesday’s European close.

By IC Markets

Technical Analysis
Wednesday 9th September: Technical Outlook and Review

Europe’s single currency eased further against the US dollar on Tuesday, clocking a session low at 1.1765. Technically, the weekly timeframe forecasts further downside could be in store to 1.1733, a previous Quasimodo support, following last week’s rejection off the 2018 yearly opening value at 1.2004.

By IC Markets

Technical Analysis
Tuesday 8th September: Technical Outlook and Review

Pound sterling lost grip against the buck on Monday amid mounting concerns surrounding a no-deal Brexit. Following Friday’s impressive recovery off H4 trend line support, extended from the low 1.2257 (and 1.32 support), moves that scratched levels just ahead of 1.33, Monday reclaimed the aforementioned barriers and clocked a low at 1.3140.

By IC Markets

Technical Analysis
Monday 7th September: Weekly Technical Outlook and Review

In terms of Friday’s employment release out of the US, a broadly positive wave of figures came through, consequently delivering an initial knee-jerk reaction higher in the USD that sent the DXY to a fresh session high of 92.88.

By IC Markets

Technical Analysis
Friday 4th September: Technical Outlook and Review

The British pound continued to soften against the US dollar Thursday, extending losses south of YTD pinnacles at 1.3483, following downgrades to the final UK services PMI. H4 failed to glean much impetus from 1.33 on the H4, unlocking downside to weekly support at 1.3250, the 2020 yearly opening level, which, for now, is holding.

By IC Markets

Technical Analysis
Thursday 3rd September: Technical Outlook and Review

Europe’s shared currency tumbled for a second consecutive session on Wednesday as the US dollar index made its way back above 92.50, unfazed by the ADP reporting an increase of 428K private-sector jobs in August, a figure considerably under market consensus.

By IC Markets

Technical Analysis
Wednesday 2nd September: Technical Outlook and Review

Sterling extended to a fresh year-to-date peak at 1.3483 against the buck Tuesday, though sharply retreated going into US hours as the DXY recovered off worst levels to modestly positive territory.

By IC Markets