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  • $AUDUSD is rebounding today, currently trading back above the 0.7800 level. The pair hit a nearly three week low into the end of February, falling as low as 0.7700. $AUD $USD https://t.co/xD6HG17sos
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.89% Germany 30: 0.68% France 40: 0.57% US 500: 0.08% Wall Street: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Gjrddj7wsN
  • The 1965-2000 support zone is key on $EURUSD from the weekly, working a bull flag with support around prior resistance. #NFP on Friday https://t.co/GBnw4F18Ju https://t.co/Y8W2hcNSQF
  • - OPEC+ panel sees stockpiles below 5yr average by August in base case - Sees stockpiles decline even if 2.4mln barrels per day are revived by June #OPEC #OOTT $OIL
  • - OPEC Sec-Gen says oil markets are improving, headwinds are abating - OPEC sees oil stocks dropping by about 400mln barrels in 2021 in latest supply and demand outlook #OPEC #OOTT $OIL
  • Another sign of speculative indulgence: not only is Google search surging worldwide for 'day trading', but 'penny stocks' interest is far outstripping anything in Google's data back to 2004: https://t.co/Y0huNWH3yA
  • OPEC President Azevedo: - Oil prices are relatively stable - There is a certain balance between supply and demand - Vaccinations set to increase demand further - New virus waves are still a threat - Pandemic and virus variants could put downward pressure on production #OOTT $OIL
  • $USDJPY is continuing to trade at multi-month highs today, currently trading around the 106.90 level for the first time since August. $USD $JPY https://t.co/lYaK01mCcx
  • $EURUSD support test at the big fig 1.2000 made a bit less exciting by the incursion earlier in February, but interesting setup given Panetta remarks https://t.co/se9gUAxYt2 https://t.co/r8uTrWm1a6
  • ECB's Panetta: - Should not hesitate to increase purchases and to spend the entire PEPP envelope or more if needed - Eventually, commitment to steering the yield curve may allow us to slow purchases - Must establish that unwarranted tightening will not be tolerated #ECB $EUR
British Pound Rallies as Boris Johnson Remains in Poll Place - Webinar

British Pound Rallies as Boris Johnson Remains in Poll Place - Webinar

Nick Cawley, Strategist

Sterling Price (GBP) Analysis, Price and Charts

  • Conservative lead increases to 14 point according to latest poll.
  • ECB and FOMC meetings also need monitoring

Q4 GBP Forecast and Top Trading Opportunities

Sterling’s Rally Continues Unabated

UK PM Boris Johnson received a hefty boost early Monday when the latest Survation poll showed the Conservative party extending their lead over Labour to 14 percentage points, up from 9 percent two weeks ago. The British Pound traded at multi-month highs against a range of other currencies, while EUR/GBP dipped further, hitting lows last seen in May 2017.

Sterling (GBP) Analysis – GBP/USD Rally Continues on Latest Poll Boost

While Sterling is expected to appreciate further if PM Johnson get his currently predicted majority, the likelihood is that the rally will be muted after the recent strong performance of the British Pound. While a majority will get Brexit through, by the end of January 2020 at the latest, EU/UK trade talks will weigh on Sterling for many months, if not years, if past negotiations are anything to go by.

The IG Client Sentiment indicator shows traders are 70% net-long EUR/GBP, which normally would give us a bearish contrarian bias. However, recent daily and weekly changes currently give us a mixed outlook for EUR/GBP.

EUR/GBP Daily Price Chart (January – December 9, 2019)

eurgbp price chart showing market falling

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 – Will Boris Johnson get his majority?? 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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