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GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support - Webinar

GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support - Webinar

2019-08-05 11:44:00
Nick Cawley, Analyst
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Sterling (GBP) Pairs - Prices, Charts and Analysis:

Q3 2019 Currency Forecasts andTop Trading Opportunities

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

Financial Markets Rattled by Heightened US-China Trade War

Risk-off trades dominated the start of the week after US President Donald Trump applied an additional round of tariffs on Chinese imports. Over the weekend, the closely-watched USDCNH rate traded above 7.00, a weakening that will rile the US and may see additional action taken

Risk-off markets received a strong bid in Asian hours which rolled over into Europe. Equity markets slumped by near 2%, taking the FTSE 100 close to a support area where the 200-day moving average meets an important Fibonacci retracement level.

GBPUSD picked up a fraction in European trade and may keep pushing ahead, but gains are likely limited, and risk-reward makes taking a position difficult. EURGBP traded just under 0.9200, as the EUR picked up a small bid and the recent high around 0.9300 may come under pressure.

EURGBP Weekly Price Chart

GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support - Webinar

Retail traders are 79.3% 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 GBPUSD bearish contrarian trading bias.

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.

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