Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

No results found

View more search results

1 2 3 4 5 6 7 8 9 10
Related search: Market Data
Market Data Type of market
See all Market data search results >

GBP/USD latest: head-and-shoulders top points to falls ahead

The hourly GBP/USD chart shows a head-and-shoulders pattern that technical analysis suggests will lead to a near-term move to the downside before further gains.

Pound Source: Bloomberg
Forex GBP/USD Pound sterling Technical analysis Neckline
Written by: Martin Essex | Analyst, DailyFX, London
Publication date:

GBP price, news and analysis

  • A head-and-shoulders top pattern on the GBP/USD chart suggests near-term weakness in the pair
  • In the longer term, the pattern remains in an upward sloping channel that implies this weakness will be temporary and limited

Downside risk near term for GBP/USD

A head-and-shoulders top formation has formed on the hourly GBP/USD chart, which technical analysis suggests will lead to a near-term move to the downside. As the chart below shows, the price has now broken below the neckline of the pattern and could fall as far as the distance between the top of the head and the neckline, giving a target around $1.355.

GBP/USD hourly price chart Source: IG charts
GBP/USD hourly price chart Source: IG charts

Note though that there is trendline support around $1.36 and then at $1.352 from the low touched on 18 January. Moreover, the price is already recovering so the break lower may prove to have been a false one, and GBP/USD remains in a longer-term upward-sloping channel.

Any further weakness should therefore be temporary and limited, with the major trend still to the upside.

This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices


See more forex live prices


See more shares live prices


See more indices live prices

Prices above are subject to our website terms and agreements. Prices are indicative only

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

You might be interested in…

How much does trading cost?

Find out about IG

Plan your trading

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.

Markets

Forex

Indices

Shares

Other markets

CFD trading

International account

Premium services

Trading platforms

Mobile trading

MetaTrader 4

ProRealTime

Compare features

Try our demo

IG analysis

News and trade ideas

Weekly reports

Contact us

Interested in opening an account?

Contact 010 500 8624 or

newaccounts.za@ig.com

Want to check on your application's progress? Email

newaccounts.za@ig.com

Clients: Help and support

WhatsApp: Click here

IG | Sitemap | Terms and agreements| FAIS | Privacy | IG Community | About IG | Cookies

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

IG is a trading name of IG Markets Limited and IG Markets South Africa Limited. IG Markets South Africa Limited offers domestic accounts and IG Markets Limited offers international accounts.

IG Markets South Africa Limited is authorised and regulated by the Financial Sector Conduct Authority (in South Africa) as an over-the-counter derivative provider and an authorised financial services provider (FSP No 41393). IG Markets Limited is authorised and regulated by the Financial Conduct Authority (in the UK).

IG provides execution only services and enters into principal-to-principal transactions with its clients on IG’s prices. Such trades are not on exchange. Whilst IG Markets South Africa Limited is a regulated FSP and acts as an intermediary as understood in the FAIS Act in relation to the international accounts offered by IG Markets Limited, CFDs issued by IG are not regulated by the FAIS Act as they are undertaken on a principal-to-principal basis. CFDs issued by IG Markets South Africa Limited are regulated by the Financial Markets Act, and IG Markets South Africa Limited is a licenced over-the-counter derivative provider.

South African residents are required to obtain the necessary tax clearance certificates in order to utilise their foreign investment allowance should the South African resident wish to open an international account with IG Markets Limited.

The information on this site is not directed at residents of the United States or Belgium or any particular country outside South Africa and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Voted SA’s top CFD provider in Business Day Investors Monthly Annual Stockbroker Awards in 2012, best platform for Active Day Traders in 2013 and 2014, SA's best Online Broker in 2015 and 2017 and SA's best CFD provider in 2020 as well as SA's Top CFD Broker in 2021.

© 2003-2024

IG Group | Careers | Marketing partnership