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. See our updated Privacy Policy here.

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
Oil - US Crude
Bullish
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
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.00% 🇨🇦CAD: -0.21% 🇯🇵JPY: -0.21% 🇬🇧GBP: -0.35% 🇳🇿NZD: -0.45% 🇦🇺AUD: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/7ej2PKr120
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% FTSE 100: -0.06% Germany 30: -0.07% Wall Street: -0.33% US 500: -0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/wuAFfNFdVH
  • from support to resistance in $USD some very decent friday action $DXY https://t.co/1W1wPyVgTc https://t.co/y4sgUkQ1cP
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.24% 🇬🇧GBP: -0.32% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mkiFzOzRQE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.18% Wall Street: -0.26% Germany 30: -0.32% US 500: -0.41% FTSE 100: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6oyofVNacT
  • $USDCAD holding that spot of support looked at yday ~2426 question now is whether sellers push back in on a res test 25-2550. that could make for a compelling setup to a bearish $USD thesis https://t.co/GzRCITnrsW https://t.co/8mNgDQrlup
  • Strong Euro Zone growth and inflation data helped underpin recent Euro strength. Retail traders cut back long positions, increase net-shorts.Get your $EURUSD market update from @nickcawley1 here:https://t.co/uz3vjjaQdB https://t.co/hL4KqCM0yY
  • Gold (XAU/USD) prices remain unfazed by ECB decision. Silver (XAG/USD) price action remains supported by psychological support at $25.00. Get your market update from @Tams707 here:https://t.co/7BfS6ObsAZ https://t.co/zHWgAUHhca
Sterling (GBP) Weekly Outlook: EU/UK Trade Talks - It's Time to Decide

Sterling (GBP) Weekly Outlook: EU/UK Trade Talks - It's Time to Decide

Nick Cawley, Strategist

EU/UK Trade Talks and GBP/USD Price, Analysis and Chart:

  • European Council Meeting on October 15-16 is key.
  • Both sides are making positive noises but remain far apart.
Advertisement

The EU and UK trade negotiating teams will be hard at work next week trying to iron out the many differences that they currently have against a time-constrained backdrop. The EC meeting starts on Thursday next week and the EU have always pointed to this meeting as the last chance to get a deal done and then ratified before December 31. UK PM Boris Johnson has also chosen October 15 as the last day to see if a deal can be struck between the two sides before talks go down the WTO-route. Flexibility remains the key in these talks and these deadlines may well be flexible if both sides believe a deal can be struck. Both sides are making appeasing sounds but reiterate that the other side has to ‘move more’ before a deal can be made. The markets currently see a better chance than not of a deal taking place, although it may just be a bare-boned no tariff deal to make sure trade flows are uninterrupted from the start of next year.

Sterling currently trades around 1.3000 against a weak US dollar and is approaching initial resistance off the 50-dma at 1.3022. The CCI indicator suggests the pair are overbought but with a potentially volatile period ahead next week, the pair can become extremely overbought or oversold in a short-space of time.

GBP/USD Daily Price Chart (February – October 9, 2020)

Sterling (GBP) Weekly Outlook: EU/UK Trade Talks - It's Time to Decide

IG client sentiment datashows 45.10% of traders are net-long with the ratio of traders short to long at 1.22 to 1.The number of traders net-long is 1.88% higher than yesterday and 12.76% higher from last week, while the number of traders net-short is 1.07% higher than yesterday and 14.58% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What is your view on Sterling – 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.

DISCLOSURES