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UK Market Webinar: GBP/USD, EUR/GBP and FTSE all Eye UK PMIs

UK Market Webinar: GBP/USD, EUR/GBP and FTSE all Eye UK PMIs

Nick Cawley, Strategist

Sterling (GBP) and FTSE Prices, Charts and Analysis

  • UK PMIs will show post-General Election sentiment.
  • Three central bank rate decisions – all expected unchanged.

British Pound Refuses to Lie Down Despite Rate Cut Talk

Sterling refuses to push much lower, despite growing talk of a 0.25% interest rate at the end of the month. Turnover is limited with the US market closed in observance of Martin Luther King Day but any selling pressure is met by buyers and the downside for now looks limited.

This week’s UK calendar has three notable events, the latest jobs and wages data on Tuesday, the January CBI business optimism and trends on Wednesday and the January UK PMI releases on Friday where the market will get a first-hand look at business sentiment post-General Election.

For all market moving data releases and events, please see the DailyFX Calendar.

EUR/GBP upside remains blocked by the recent multi-week high prints between 0.8593 and 0.8598. The Euro remains weak and a break and close below the 20- and 50-day moving averages could see the December 31 low print at 0.8451 challenged.

EUR/GBP Daily Price Chart (June 2019 – January 20, 2020)

eurgbp daily price chart

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.