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.

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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.33%, while traders in NZD/USD are at opposite extremes with 72.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AO284XL9mG
  • Heads Up:🇲🇽 Consumer Confidence (NOV) due at 12:00 GMT (15min) Previous: 37.6 https://www.dailyfx.com/economic-calendar#2020-12-04
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/9pBSY0cTrz
  • Sources report that ECB Officials are said to be open to 12-month extension in bond buying program
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.33% Silver: 0.45% Gold: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8O4aD3qYey
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.20% 🇬🇧GBP: 0.14% 🇨🇦CAD: 0.01% 🇯🇵JPY: -0.12% 🇦🇺AUD: -0.24% 🇳🇿NZD: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/jNCn3uZzBX
  • 🇮🇪 GDP Growth Rate QoQ (Q3) Actual: 11.1% Previous: -3.2% https://www.dailyfx.com/economic-calendar#2020-12-04
  • 🇮🇪 GDP Growth Rate YoY (Q3) Actual: 8.1% Previous: -3.2% https://www.dailyfx.com/economic-calendar#2020-12-04
  • 🇮🇪 GDP Growth Rate YoY (Q3) Actual: 8.1% Previous: -3% https://www.dailyfx.com/economic-calendar#2020-12-04
  • 🇮🇪 GDP Growth Rate QoQ (Q3) Actual: 11.1% Previous: -6.1% https://www.dailyfx.com/economic-calendar#2020-12-04
British Pound (GBP) Latest: GBP/USD Respecting Support as BoE Decision Nears

British Pound (GBP) Latest: GBP/USD Respecting Support as BoE Decision Nears

2020-01-27 10:30:00
Nick Cawley, Strategist
Share:

Sterling (GBP) Price, Chart and Analysis:

  • There is a 50/50 chance of a UK rate cut this Thursday.
  • EU chief Brexit negotiator Barnier speaks later today.

British Pound (GBP) Likely to Remain Rangebound Ahead of ‘Live’ BoE Meeting

Sterling is marginally better-bid in early European turnover as traders remain focused on Thursday’s Bank of England meeting where there is currently a 50/50 chance of a 0.25% interest rate cut. The last cut, in August 2016, came shortly after the UK voted to leave the EU, and it remains to be seen if the MPC will use this meeting to trim rates further, especially after last week’s better-than-expected PMI data for January. The common consensus now is for the MPC to vote 6-3 for unchanged rates - from 7-2 at the last meeting - with the central bank likely to wait for more hard data to indicate the strength, or not, of the UK economy.

Post-Brexit Trade Talks – Preparations Continue

The post-Brexit battle lines continue to be drawn with the EU reiterating today that the UK must allow the EU continued access to UK fishing waters in order to obtain future concessions and continued access to the EU financial services sector. Whether this is an EU ‘red-line’ or is just part of a bargaining position will be seen over the next few weeks. Chief EU Brexit negotiator Michel Barnier is speaking at Queen’s University Belfast later today and his commentary may well dampen any further Sterling upside.

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

GBP/USD Edging Back Towards 1.3100

Cable is currently nudging higher and trying to re-take 1.3100. The pair have broken through minor resistance from the 20- and 50-day moving averages, currently at 1.3065 and 1.3087 respectively, although a close above both will be needed to underpin the next move higher. Resistance either side of 1.3150 guards the short-term target of 1.3177, last Friday’s high. This near three-week high may prove difficult to better with the BoE meeting looming on the horizon. Short-term support between 1.3050 and 1.3058.

GBP Forecast
GBP Forecast
Recommended by Nick Cawley
Download our Brand New Q1 Sterling Forecast
Get My Guide

GBP/USD Daily Price Chart (August 2019 – January 27, 2020)

GBP/USD Daily Price Chart
GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% 0% -3%
Weekly 3% -4% -1%
Learn how to use Sentiment in your trading strategy
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 via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES