0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/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
Oil - US Crude
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
Wall Street
Bullish
Gold
Bearish
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
GBP/USD
Mixed
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
More View more
Real Time News
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
  • Heads Up:🇺🇸 Fed Mester Speech due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-05
Sterling (GBP) Price Outlook - Positive Sentiment But Don't Push Too Hard

Sterling (GBP) Price Outlook - Positive Sentiment But Don't Push Too Hard

2019-12-16 09:00:00
Nick Cawley, Strategist
Share:

Sterling (GBP) Price Analysis and Outlook

  • Positive start for Sterling.
  • Data releases and/or BoE may shift sentiment.
GBP Forecast
GBP Forecast
Recommended by Nick Cawley
Download our Q4 Sterling Forecast
Get My Guide

Sterling Looks Set to Fade Higher

The British Pound opens the week in positive territory and looks set to push higher as we head towards the end of the year. Last week’s resounding victory for the Conservative party fuelled the initial move and with little in the way of short-term negative news, the push higher should continue. While the chart set-up remains positive, the gradual winding down of the market ahead of Christmas will temper any move, and the 1.3515 high made last week in GBPUSD may be out of reach this week. Volatility has picked up and GBPUSD currently looks overbought, using the CCI indicator. Any sell-off should find support and buyers just above 1.3200.

Sterling (GBP) Weekly Forecast – Short-Term Opportunities Opening Up

GBP/USD Daily Price Chart (April - December 16, 2019)

GBPUSD daily price chart showing sterling moving higher

EUR/GBP – Further Downside Beckons

EUR/GBP hit its lowest level in nearly three-and-a-half years last week as sellers dominated the market. A look at the weekly chart shows little in the way of support after 0.82509 until the market gets down to 0.81175. Longer-term, if the Brexit trade talks go well, EURGBP may re-trace back to the 0.7560 level. The weekly chart shows a potential death cross forming – 50-dma going below the 200-dma – and this suggest lower for longer. The chart is slightly oversold which may slow down any move lower.

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

eurgbp price chart showing euro falling

Ahead this week, the provisional Markit manufacturing and services data, the monthly UK wages and employment numbers, along with the latest inflation release and the Bank of England monetary policy announcement. For a full rundown of all market moving economic data and events see the DailyFX Calendar

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Nick Cawley
Improve your trading with IG Client Sentiment Data
Get My Guide

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 (GBP) – 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.

DISCLOSURES

News & Analysis at your fingertips.

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.