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GBPUSD Price Well Placed to Extend Its Gains

GBPUSD Price Well Placed to Extend Its Gains

2018-08-30 11:00:00
Martin Essex, MSTA, Analyst
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GBPUSD price, news and analysis:

  • GBPUSD held steady Thursday even though Michel Barnier said the EU must prepare for a no-deal Brexit.
  • That suggests the pair could extend the gains made Wednesday after he said the EU is “prepared to offer Britain a partnership such as there never has been with any other third country”.

Our trading forecasts for Q3 have been published; you can find the GBP guide here.

GBPUSD uptrend still in place

GBPUSD was stable Thursday even though Michel Barnier, the EU’s chief Brexit negotiator, said in an interview that the EU needs to be well prepared for everything and “that includes the no-deal scenario”. His comments took the shine of the gains in the pair Wednesday after he said the EU is prepared to offer the UK a unique partnership after it leaves the bloc next March.

In response to Barnier’s latest comments, GBPUSD was barely changed after its Wednesday gains, suggesting the uptrend in the pair that began two weeks ago will likely extend higher.

GBPUSD Price Chart, Daily Timeframe (June 1 – August 30, 2018)

Latest GBPUSD price chart.

Chart by IG

From a technical perspective, the price has stalled near to the 50-day simple moving average, having broken through trendline resistance to trade above the psychologically-important 1.30 level. However, it could yet reach the 100-day moving average at 1.3183 and then the July 26 high at 1.3214.

There is a warning sign though from retail trader sentiment data, which are flashing a bearish signal with 64% of traders long and only 36% short. At DailyFX we generally take a contrarian view of crowd sentiment.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

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