We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it. Get your update from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/OWuwGML4Ch
  • RT @FT: Huawei admits that US sanctions are hurting https://t.co/GIT4XSfszx
  • RT @WSJecon: Mexico’s inflation eased in September, coming in line with the Bank of Mexico’s 3% target for the first time in three years ht…
  • My phone's decided to give up the ghost and I've been phoneless for 24 hours. Not coincidentally, I've been a machine tackling errands around the house. What a time to be alive.
  • #Gold remains stuck in a range as a range of conflicting forces battle and fail to take control of price action. Get your $gld market update from @nickcawley1 here: https://t.co/pw7UjkUyqH $XAUUSD https://t.co/YD8L6knjhe
  • Geopolitical developments send oil prices soaring or falling. Get your market update here: https://t.co/0znHZPvPON https://t.co/s358dvMBeR
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
GBPUSD Slides to Flash Crash Lows - US Market Open

GBPUSD Slides to Flash Crash Lows - US Market Open

2019-07-09 13:00:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – GBPUSD Slides to Flash Crash Lows

DailyFX 2019 FX Trading Forecasts

GBP: The Pound is once again on the backfoot as the currency challenges its 2019 lows. UK data continues to deteriorate with the latest BRC sales report showing sales at UK retailers rose at the slowest pace on record. In turn, this provides yet another reminder that growth in the UK economy is likely to have contracted in Q2. Consequently, amid the backdrop of rising no-deal Brexit risks and with UK data continuing to disappoint, commentary from BoE rate setters will be eyed closely. Reminder, BoE’s Tenreyro (Wednesday) and Vlieghe (Friday) are due to speak this week. 2019 lows reside at 1.2435, support at 1.2435-40 being tested as EURGBP oscillates around the 0.9000 handle. Speculators are also very bearish on the Pound.

USD: The greenback has remained bid throughout the European session with eyes focusing on the testimony from Fed Chair Powell. The pricing out of a 50bps cut at the end of the month has continued to underpin the DXY, which in turn has seen EURUSD test 1.1200 on the downside. Fed members Bullard and Bostic due to speak later, however, much of the focus will be placed on Powell tomorrow.

GBPUSD Slides to Flash Crash Lows - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

GBPUSD Slides to Flash Crash Lows - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. USD Price Outlook: More Gains Possible Ahead of Fed Meeting” by Martin Essex, MSTA , Analyst and Editor
  2. GBP Most Bearish Currency, CAD Longs Surge - COT Report” by Justin McQueen, Market Analyst
  3. Canadian Dollar Price Analysis: USD/CAD Sellers Await BOC and FED Powell” byMahmoud Alkudsi , Market Analyst
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.