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Sterling (GBP) Price Outlook - A Seriously Busy Week Ahead

Sterling (GBP) Price Outlook - A Seriously Busy Week Ahead

2019-04-29 12:05:00
Nick Cawley, Strategist
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GBP Price, News and Latest Analysis

  • BoE and FOMC will leave rates unchanged, commentary important.
  • A wide selection of Sterling pairs will see volatility this week.

Q2 2019 GBP Forecast and USD Top Trading Opportunities

A very busy week with a wide range of data releases, central bank decisions and the monthly US Labour report to keep traders busy. Add into the mix low volume markets in Asia with Japan off, and the possibility of sharp moves in a range of crosses and assets increases markedly.

DailyFX Economic Calendar.

The Bank of England will leave rates unchanged but the QIR report and MPC minutes may give traders a clearer idea of the bank’s thinking and the future path of interest rates. The FOMC will also leave policy levers untouched but Chair Powell’s commentary could point to a slightly more dovish Fed.

Data releases across Europe will be watched by EURGBP traders as the near-term trading range may prove vulnerable to short-term moves. The FTSE 100 continues its multi-month move higher and one indicator suggests that the recent move lower may be coming to an end. And in the background, local UK elections on Thursday is likely to see the Conservative government lose huge number of seats due to the governments perceived dithering over Brexit.

British Pound Weekly Forecast: Price Outlook Choppy as Brexit Talks Share Spotlight with BoE.

GBPUSD Daily Price Chart (July 2018 – April 29, 2019)

Sterling (GBP) Price Outlook - A Seriously Busy Week Ahead

Retail traders are 72.7% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. See how recent daily and weekly positional changes affect GBPUSD 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 (GBP) – 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.

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