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Sterling (GBP) Remains On Edge as EU/UK Trade Talks Continue

Sterling (GBP) Remains On Edge as EU/UK Trade Talks Continue

2020-07-05 04:00:00
Nick Cawley, Strategist
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Sterling (GBP):

  • UK PM Boris Johnson wants EU/UK trade talks to be completed by September.
  • Sterling stuck in a range.
GBP Forecast
GBP Forecast
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Sterling (GBP) Needs A Fresh Driver

With an extension of the Brexit transition period now officially off the table, the EU and the UK will have to re-double their efforts to find common ground on a new trade deal otherwise the two sides will be trading on WTO terms from January 1 next year. Both sides are still hopeful of a deal, yet neither have budged from their starting positions, leaving a deal still very much in doubt. Recent economic data released from the UK and the Eurozone has picked up, but from a very lowly base, as the COVID-19 viruscontinues to press down on economic activity. As such a deal needs to be made and quickly.

Sterling continues to sit on the middle of the Q2 trading range of 1.2070 – 1.2815 and will need a driver to break either way. Any positive talk of a deal, even if it is bare-boned, should see GBP/USD move towards last quarter’s high, while further disappointment will weigh heavily on the pair.

GBP/USD Weekly Price Chart (May 2017 – July 2020)

GBPUSD Price chart
GBP/USD BULLISH
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Change in Longs Shorts OI
Daily -10% 1% -3%
Weekly 3% 10% 8%
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

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