Youtrading UK
Português Español русский
Register Login
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
No Result
View All Result
Youtrading UK
No Result
View All Result

Pound has dropped to a Fibonacci retracement level and daily support

by youtrading uk
13 September 2021
in Forex
0
Pound has dropped to a Fibonacci retracement level and daily support

Photo by Sarah Agnew.

430
SHARES
9.1k
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

GBPUSD Forex Analysis

The GBPUSD is starting the week with a mixed relative strength against the other currency pairs. Today the Bank of England Director of Markets speaks on the future of central bank balance sheets but there is little else within the economic calendar for the rest of the day that will directly influence the pound. As the week progresses there are data points where the volatility should move the needle for the GBPUSD. Starting with Tuesdays UK Jobs Report with expectations of the unemployment rate are for a fall to 4.6%. Then on Wednesday there will be inflation data with market analysts predicting a jump in the year-on-year CPI to 2.9% from 2.0%. The consensus is that the UK will see CPI up to 4.0% by the end of the year and that the inflation rise will be temporary. Then at the end of the week we receive UK retail sales data on Friday with expectations for a modest rise to 0.5% month-over-month. This would be bullish for the pound as it would be the start of a recovery from the -2.5% decline seen in July. Expectations are bullish due to the big leap in credit card spending in August.

The pound was the 2nd best performing G10 currency this week helped by the move late Wednesday into Thursday after BoE testimony to parliament revealed an apparent building consensus for hikes next year.

The ActivTrader sentiment indicator shows that more traders on the platform are becoming bearish the currency pair as the US dollar found a bid into the back of last week. Against the EURGBP there is a very extreme short sentiment position with 80% of the traders thinking the pound should rise against the euro.

See real-time quotes provided by our partner.

At the London open the GBPUSD was trading around the weekly pivot and the daily 50 ema with confluence coming in from the 1.3800 price level plus the 50% retracement from the recent swing low to swing high. With the price action pushing against the momentum, it is likely that we test the 1.3786 and the 61.8% Fibonacci level as there is also decent market structure there too which should act as support. On the daily chart the main support is at the base of the Drop-Base-Rally that formed the swing low on the 8th of September last week.

See real-time quotes provided by our partner.

On the hourly chart that support is highlighted by the horizontal green line and the small market structure at the 61.8% fib. There is one last level of support from the daily 200 ema which currently resides at 1.376 which is confluent with the 76.40% deep retracement too.

See real-time quotes provided by our partner.

Overall, the GBPUSD is looking like it will find some support, but the direction will be dependent on the US dollar index finding resistance around this 50%-61.8% retracement on the daily DXY chart.

Any bullish trade ideas on the GBPUSD will be invalidated for me with a break of the 1.3730 price level as we would have to wait for a new bullish market structure to form.

Tags: EURGBPGBPUSDGDPUS DOLLAR INDEX
Previous Post

Gold Technical Analysis – Traders are becoming too bullish

Next Post

Tomorrow’s Apple iPhone 13 showcase could be pivotal for the US equities direction

Next Post
Tomorrow’s Apple iPhone 13 showcase could be pivotal for the US equities direction

Tomorrow’s Apple iPhone 13 showcase could be pivotal for the US equities direction

CALL US

Categories
  • Commodities
  • Economy
  • Forex
  • Index
  • Insights
  • Markets
  • Opening of the Week
  • Sem categoria
  • Stocks
  • World

Site Map

  • Home
  • Markets
  • Charts
  • Economic Calendar
  • World
  • Economy
  • Insights
  • About Us
Português Español русский

A comprehensive website for traders, both experienced and new! Checkout our content and learn how to invest and speculate in the markets using margin traded products. Our team of educators has extensive experience and is here to help. Enjoy!

Follow us on social media

Risk Warning

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors, please ensure that you fully understand the risks involved, and seek independent advice if necessary.

All Rights Reserved - YouTrading UK 2020

Privacy Policy and Terms and Conditions
  • Home
  • My Academy
    • Register Now
    • Login
  • Markets
    • Opening of the Week
    • Stocks
    • Commodities
    • Forex
    • Index
  • Charts
  • Economic Calendar
  • Economy
  • World
  • Insights
  • About Us
No Result
View All Result

© 2020 YouTrading UK - Leaders in Trader Training.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_wpfuuid11 yearsThis cookie is used by the WPForms WordPress plugin. The cookie is used to allows the paid version of the plugin to connect entries by the same user and is used for some additional features like the Form Abandonment addon.
cf_use_obThis cookie is set by the provider Cloudflare content delivery network. This cookie is used for determining whether it should continue serving "Always Online" until the cookie expires.
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
CookieDurationDescription
YSCsessionThis cookies is set by Youtube and is used to track the views of embedded videos.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
CookieDurationDescription
_ga2 yearsThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.
_gid1 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the website is doing. The data collected including the number visitors, the source where they have come from, and the pages visted in an anonymous form.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
CookieDurationDescription
_fbp3 monthsThis cookie is set by Facebook to deliver advertisement when they are on Facebook or a digital platform powered by Facebook advertising after visiting this website.
fr3 monthsThe cookie is set by Facebook to show relevant advertisments to the users and measure and improve the advertisements. The cookie also tracks the behavior of the user across the web on sites that have Facebook pixel or Facebook social plugin.
IDE1 year 24 daysUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie15 minutesThis cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE5 months 27 daysThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
CookieDurationDescription
_gat_UA-42160853-21 minuteNo description
cf_ob_infoNo description
CONSENT16 years 8 months 3 days 6 hours 2 minutesNo description
SAVE & ACCEPT
Powered by CookieYes Logo