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British Pound (GBP) Underpinned and Looking to Move Higher   - Webinar

British Pound (GBP) Underpinned and Looking to Move Higher - Webinar

2019-12-16 12:45:00
Nick Cawley, Strategist
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Sterling Price (GBP) Analysis, Price and Charts

  • Sterling may struggle to set a fresh high ahead of the year-end.
  • Bank of England thoughts on the General Election will be interesting.
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Sterling Building a Higher Base

Sterling’s renewed attraction continues to underpin the currency and further upside can be expected in the future. In the short-term that upside may be capped as the year-end lull descends upon us, but the recent multi-month and multi-year highs made at the end of last week will eventually come under pressure.

In the equity space buyers also dominated proceedings with the FTSE 100 and FTSE 250 indices both jumping higher. The more domestically focussed FTSE 250 is now trading at a record high while the FTSE 100 is within striking distance of a new apex.

A busy week of UK data and the latest Bank of England (BoE) monetary policy meeting. Governor Mark Carney, whose term runs out shortly, will give his views on the state of the UK economy and may well opine on last week’s election and how this may/will change monetary policy going forward.

Keep in touch with all the economic data and releases with the DailyFX Calendar.

EUR/GBP Weekly Price Chart (September 2014 – December 16, 2019)

EURGBP price chart showing sterling rally
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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?? 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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