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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Wall Street
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
  • US equities back to record highs, but inflation concerns remain. FTSE eyeing EU-UK spat. Get your weekly equities outlook from @JMcQueenFX here:
  • What are the Market cycles? How are currencies impacted in these cycles? How can these cycles impact forex trading patterns? Find out here:
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Do you know the difference between investing and trading? Because while the goal might seem the same, they're very different things . Learn more here.
  • The Canadian Dollar remains supported amid elevated crude oil prices. Don’t be surprised if the Bank of Canada disappoints aggressive hawkish expectations. Earnings season is a wildcard. Get your weekly Loonie forecast from @ddubrovskyFX here:
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
GBP/USD Bounces as UK GDP Beats Expectations

GBP/USD Bounces as UK GDP Beats Expectations

Nick Cawley, Strategist

Talking Points

- UK quarterly growth beats expectations as all eyes now turn to next week’s BOE ‘Super Thursday’.

- US dollar index pushing higher as US bond yields continue to rise.

Check out our new Trading Guides:they’re free and updated.

If you are new to FX trading and would like to know the Traits of Successful Traders, updated guides are here.

UK 3Q GDP rose by a better than expected 0.4% Q/Q increasing the chances that the Bank of England will hike interest rates at next week’s monetary policy meeting, according to the latest data from the UK Office for National Statistics (ONS). On an annual basis, the UK economy grew by 1.5%, in line with expectations.

According to Darren Morgan, Head of National Accounts, services, led by increases in IT, motor trades and retail, continued to drive GDP growth. Manufacturing also boosted the economy, while construction output fell for the second consecutive quarter, although it remains above its pre-downturn peak.

Today’s release will embolden BOE hawks ahead of next week’s Bank of England ‘Super Thursday’ when the central bank will announce its decision on interest rates, the minutes of the MPC meeting and the quarterly inflation report. The central bank is now likely to announce a 0.25% interest rate hike, despite inflation running above target at 3.0%.

GBP/USD rose on the data release after having drifted lower in early European turnover.

On the other side of the pair, the US dollar is currently gaining strength from rising US bond yields that continue to make multi-year highs. The interest-rate sensitive 2-yr currently yields 1.60%, the 5-year offers 2.055% while the 10-year benchmark yields 2.425%. US interest rates are expected to rise by 0.25% one more time in 2017, with a potential three more hikes in 2018. The US dollar is gaining strength after the latest poll shows that hawk John Taylor is expected to become the next Chairmen of the Federal Reserve.

Chart: GBPUSD One Minute Timeframe (October 25, 2017)

GBP/USD Bounces as UK GDP Beats Expectations

Chart by IG

Retail trader data shows 58.5% of traders are net-long with the ratio of traders long to short at 1.41 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bearish contrarian trading bias.

For the latest IG Client Sentiment indicators, click here

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

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