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GBPUSD, EURGBP  - Sterling Slumps as No-Deal Brexit Fears Intensify

GBPUSD, EURGBP - Sterling Slumps as No-Deal Brexit Fears Intensify

2019-07-30 11:00:00
Nick Cawley, Strategist

Sterling – GBPUSD and EURGBP Prices, Charts and Analysis:

  • GBPUSD oversold after Monday’s slump.
  • EURGBP sitting in extreme overbought territory.

Q3 2019 GBP Forecast andTop Trading Opportunities

GBPUSD – Heavily Oversold in the Short-Term

After making a recent 27-month low just below 1.2120, GBPUSD has turned higher, although the move currently lacks any conviction and is likely short-covering after the pair’s 260+ pip fall since Monday morning. Waves of negative Brexit headlines continue to force Sterling lower and with neither the UK or the EU in any mood to make the first move towards breaking the current deadlock, GBP will remain under pressure. GBPUSD stopped just before the March 2017 swing low at 1.2109 in Asian trade Tuesday and may consolidate at these lower levels. The CCI indicator is at its weakest/lowest level since mid-December 2018 and is indicating an extremely oversold market now. This extreme positioning may need to balance out through before Sterling attempts to make a fresh low. To the upside there is little technical resistance until 1.2382.

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

GBPUSD Daily Price Chart (October 2018 – July 30, 2019)

GBPUSD, EURGBP - Sterling Slumps as No-Deal Brexit Fears Intensify

Retail traders are 81.2% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a stronger bearish contrarian GBPUSD trading bias.

EURGBP Pierces Resistance, Touches a 22-Month High

Another Sterling-pair that has hit a fresh high, EURGBP will need a period of consolidation if it is to push even higher with the CCI indicator hitting extreme overbought conditions and at levels not seen in over two years. While the CCI indicator has been in overbought territory for most of the last three months, the current extreme level needs to be considered ahead of any move higher. The old EURGBP high at 0.91165 will probably act as first-line support before a partial re-test of Monday’s bull candle, and the old July 17 swing high at 0.9051, comes into play.

EURGBP Daily Price Chart (December 2018 – July 30, 2019)

GBPUSD, EURGBP - Sterling Slumps as No-Deal Brexit Fears Intensify

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 or EURGBP – 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.