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.

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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.41% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/o4xncYTemH
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.16% 🇨🇦CAD: -0.24% 🇪🇺EUR: -0.30% 🇦🇺AUD: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/I800dljvzk
  • 🇫🇷 Unemployment Benefit Claims (DEC) Actual: 0.5K Previous: 36.6K https://www.dailyfx.com/economic-calendar#2021-01-27
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.31% Wall Street: -0.43% FTSE 100: -0.65% France 40: -0.88% Germany 30: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iNzTpen47H
  • Ahead of the FOMC tonight Here is a tracker of key Fed comments https://t.co/jAjB1azAsQ
  • Can't help but think about Musk's $GME tweet. IIRC, didn't Melvin Capital publicly take a short position on $TSLA years back? Reminds me of the say, "revenge is a dish best served cold."
  • Heads Up:🇫🇷 Unemployment Benefit Claims (DEC) due at 11:00 GMT (15min) Previous: 36.6K https://www.dailyfx.com/economic-calendar#2021-01-27
  • The bull flag pattern is a great pattern to add to a forex trader's technical arsenal. Explosive moves are often associated with the bull flag. Learn more about the bull flag pattern here: https://t.co/yOEvLjKnct https://t.co/xEuqhaiYGK
  • Reminder, the current estimate of the reversal rate is at -1% https://t.co/j8fw8IY4PQ
  • ECB's Knot says has not reached lower bound, there is room for a rate cut
GBP Continues to Carve Higher Lows Ahead of BoE- Fresh High on Tap?

GBP Continues to Carve Higher Lows Ahead of BoE- Fresh High on Tap?

David Song, Strategist
GBP_Continues_to_Carve_Higher_Lows_Ahead_of_BoE-_Fresh_High_on_Tap_body_Picture_5.png, GBP Continues to Carve Higher Lows Ahead of BoE- Fresh High on Tap?

Fundamental Forecast for the British Pound: Bullish

  • British Pound Mixed after ‘In-Line’ 4Q GDP Reading
  • Cycle turn window in GBP/USD
  • For Real-Time Updates and Potential Trade Setups on the British Pound, sign up for DailyFX on Demand

The British Pound appears to be carving a higher low ahead of the Bank of England (BoE) February 6 meeting as the central bank is widely expected to normalize monetary policy ahead of schedule.

The Monetary Policy Committee (MPC) interest rate decision may reinforce the bullish sentiment surrounding the sterling as the central bank moves away from its easing cycle, but we may see a limited market reaction to the meeting should the BoE refrain from releasing a policy statement. In turn, the quarterly inflation report due out on February 12 may have a larger impact on the policy outlook, and the GBPUSD remains at risk of a larger correction over the near-term should the fundamental developments coming out of the U.K. dampen expectations of seeing a rate hike later this year.

Indeed, there’s growing bets that the MPC will implement a more dovish twist to its forward-guidance as the U.K. jobless rate quickly approaches the BoE’s 7% threshold for unemployment, but Governor Mark Carney may take a more aggressive approach in addressing the risk for an asset-bubble as the central bank head sees a further pickup in housing throughout 2014.

With that said, the technical outlook continues to favor the topside targets for the GBPUSD as it retains the bullish trend dating back to July, and the British Pound looks poised for a more meaningful at the 1.6700 handle as it puts in another higher low above the 1.6400 region. - DS

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

DISCLOSURES