Sterling, Brexit, FOMC and Non-Farm Payrolls:
- 3 big events lie ahead for traders.
- Markets will be a lot clearer by Friday afternoon.
See how our Q 2019 Trading Forecast for GBP can help you when trading.
Sterling Traders Face a Busy Week
For once Brexit has some competition for price action this week with the latest FOMC policy meeting and press conference on Wednesday and the monthly look at the US Labour market (NFPs) ending the week on Friday. UK PM May will be in the House on Tuesday where various amendments to her Plan B will be debated and voted on. The PM will then take these new instructions to the EU to look for a concession on the Irish backstop. PM May is unlikely to get that at this moment but if she can present the EU with a bill that has the backing of Parliament, the EU may be more receptive to her ideas.
In the US, the latest FOMC meeting will likely leave all policy settings untouched before Fed Chair Powell gives his latest views on the economy at the subsequent press conference. On Friday, US non-farm payrolls will dominate the space.
Sterling (GBP) Weekly Technical Outlook: Preparing for Further Upside?
GBP Fundamental Forecast: Positive Backdrop, Bullish Outlook.
GBPUSD remains better bid but off its best levels ahead of this week’s events.
Retail traders remain net-long of GBPUSD - 44.8% - according to the IG Retail Sentiment Indicator. See what this data means and how it can help you make better informed trading decisions.
GBPUSD Daily Price Chart (February 2018 - January 28, 2019)
Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.
What is your view on GBPUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.com or via Twitter @nickcawley1.
