UK Week Ahead: Packed Full of Market Moving Data and Events | Webinar
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Sterling (GBP) Talking Points and News
- Brexit will top the agenda at the Labour and Conservative party conferences.
- Fed chair Jerome Powell’s post-FOMC decision press conference is key for US dollar pairs.
IG Sentiment Datashow of traders are 60.2% net-long of GBPUSD, normally a bearish contrarian indicator. However recent daily and weekly sentiment shifts give us a mixed outlook for the pair.
UK Traders Braced For a Volatile Week of Data and Events
Market volatility is expected to rise this week due to a packed economic and events calendar which also includes speeches from prominent global central bank heads. The latest US interest-rate decision is, optically at least, the standout but data releases throughout the week may take a more prominent role in moving various markets. Domestically the Labour and Conservative party conferences will produce yet more Brexit headlines and theories, after UK PM Theresa May’s Chequers plan was categorically dismissed by the EU last week.
GBPUSD has edged back off lows made on Friday but further negative Brexit headlines, and another 0.25% hike in US interest rates on Wednesday, may weigh on the pair. GBPUSD broke back below the recent uptrend on the four-hour chart and needs to get back above 1.32750 to resume its bullish bias.
GBPUSD Daily Price Chart (August 15 – September 24, 2018)
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--- Written by Nick Cawley, Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.