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GBPUSD Price Outlook: Sterling Technicals Turning Positive

GBPUSD Price Outlook: Sterling Technicals Turning Positive

Nick Cawley, Strategist

GBPUSD Price, News and Brexit Latest

  • Sterling continues to price out a no deal Brexit and further gains may be on the cards.
  • PM May turning Brexit as soft as possible.

The Brand New DailyFX Q2 2019 Trading Forecast and Guides are Available to Download Now!!

GBPUSD Price – Technical Outlook

Sterling has been volatile of late with Brexit headlines again dominating market pricing. The latest move by UK PM Theresa May to ignore the wishes of her hardline Brexiter MPs and offer Labour party leader Jeremy Corbyn cross-party talks, have all but taken a no deal Brexit off the table now. It now looks likely that the UK will leave the EU with a softish-Brexit via a customs union or not the leave the EU at all, either by revoking article 50 or a second referendum.

This latest twist has pushed GBPUSD back above trend, fueling a bullish bias that may stretch all the way back up to the March high at 1.3382, the highest level seen since June 2018. Cable has broken back above the bull trend line from January 2 this year after trading below it over the last week and needs to consolidate and close above trend to re-start any further rally. GBPUSD has also broken back above the 23.6% Fibonacci retracement level at 1.3177 and above both the 20- and 50-day moving averages. The CCI indicator still has room to run before it flashes an overbought signal. To the downside, 1.3140, 1.3090 and 1.3000 will act as short-term brakes.

Sterling (GBP) Week Ahead: Brexit Votes to Drive Price Action | Webinar

GBPUSD Daily Price Chart (May 2018 – April 3, 2019)

GBPUSD Price Outlook: Sterling Technicals Turning Positive

Retail traders are 66.8% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. See how recent daily and weekly positional changes can move client sentiment.

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 Sterling – 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.comor via Twitter @nickcawley1.

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