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
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
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
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: France 40: 0.02% Wall Street: -0.00% US 500: -0.00% FTSE 100: -0.01% Germany 30: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kcHJfJfsUb
  • RT @IG_US: Watch @GuyAdami & @RiskReversal Discuss: ✅Vaccine ✅Economic Data ✅Rates ✅Stimulus ✅Crypto With Guest @PeterHanksFX from @DailyF…
  • GBP/USD continues to climb back towards 1.40 $GBPUSD https://t.co/On4fkVULFQ
  • The US Dollar is in a pretty messy state at the moment, especially from short-term vantage points. Get your $USD market update from @JStanleyFX here:https://t.co/NfbIpD4yPj https://t.co/V3Fg0WpQHi
  • today's webinar ready to go -> https://www.dailyfx.com/forex/video/live_events/2021/03/02/us-dollar-price-action-setups-usd-gbpusd-gbp-usd-usdjpy-usd-jpy-audjpy-aud-jpy.html https://t.co/wlXd4DqoNu https://t.co/xxuiNHzCp2
  • AUD/USD on the rise prior to Australia's Q4 GDP print $AUDUSD https://t.co/2lgNJYkbWV
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 0.58% Silver: 0.51% Oil - US Crude: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bRXxRZST1Z
  • US Senate Majority Leader Chuck Schumer says there are enough votes needed to pass President Joe Biden's $1.9-trillion stimulus bill. $SPX $NDX $DJI $RUT
  • OPEC+ members reportedly said to cool down oil market with increased production. WTI crude oil prices down nearly -6% from last week's high, currently hovering around $60/bbl. $CL_F $USO #OOTT https://t.co/mvATw1o4Ws
  • OPEC+ set to cool oil market with increased production - BBG
GBP/USD Pushing Higher But May Need to Consolidate

GBP/USD Pushing Higher But May Need to Consolidate

Nick Cawley, Strategist

Sterling News/ Talking Points

- GBPUSD trades at highs last seen on Brexit day as the US dollar slumps.

- The European Union Withdrawal Bill – Brexit Bill - will be debated in the House of Commons this week.

Check out our new Trading Guides: they’re free and have been updated for the fourth quarter of 2017

GBPUSD Continues to Push Ahead, Aided by a Weak US Dollar

The British Pound rally continues apace, especially against a weak US dollar, aided in part by slightly more positive Brexit talk coming out of Europe. At the end of last week Dutch and Spanish officials both made it known that they would like a ‘soft’ Brexit, to help keep the UK onside in the upcoming trade agreements. In addition, Luxembourg PM Xavier Bettel said the EU should adopt a softer approach on the financial services sector, calling for ‘pragmatism’ from both sides during the ongoing discussions. UK PM Theresa May will also meet French PM Macron on Thursday at a summit in South England

On Tuesday and Wednesday the European Union Withdrawal Bill will be discussed in the House of Commons, where the government hold a small majority. The bill is expected to pass before it goes to the House of Lords at the end of January, where the majority of the chamber are anti-Brexit, and expectations are high that changes will be needed to be made if the bill is to be passed.

GBPUSD touched a high of 1.3770 Monday, levels last seen on June 24 2016, the day after the UK voted to leave the European Union. The latest move has also been given extra fuel this year as the US dollar continues to weaken, despite the prospect of three US interest rate hikes in 2018. The US Dollar Index (DXY) currently trades around a three-year low of 90.15.

GBPUSD Price Chart Daily Timeframe (May, 2017 – January 15, 2018)

GBP/USD Pushing Higher But May Need to Consolidate

Chart by IG

GBPUSD – Traders Remain Short of Sterling

IG Client Sentiment data shows 35.9% of traders are net-long GBPUSD with the ratio of traders short to long at 1.78 to 1. In fact, traders have remained net-short since Dec 28 when GBPUSD traded near 1.33732; price has moved 2.9% higher since then. The number of traders net-long is 17.5% higher than yesterday and 5.1% lower from last week, while the number of traders net-short is 0.9% lower than yesterday and 4.7% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD 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 GBPUSD trading bias.

Traders Resource Center

The Traits of Successful Traders and how to find the Number One Mistake Traders Make are just two of the topics covered in ourFree Trading Guides. We also have a comprehensive section on Trading as a Business in the DailyFX University Expert Section, a wide range of Daily Technical Reports and Support and Resistance Levels.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES