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GBP/USD, EUR/GBP and FTSE 100 Price Analysis - UK Webinar

GBP/USD, EUR/GBP and FTSE 100 Price Analysis - UK Webinar

2020-02-03 13:09:00
Nick Cawley, Strategist

Post-Brexit Trade Talks, Coronavirus and Sterling (GBP) Prices and Analysis:

  • GBP/USD slips back to short-term support.
  • EUR/GBP higher but EU/UK trade talks temper the move.
  • FTSE 100 rallies on GBP/USD sell-off but risks remain.

GBP/USD has given back all of Friday’s gains and more as the EU and the UK lay out their plans for post-Brexit trade negotiations. As expected, the two sides positions are poles apart and this is likely to be the case for the next few weeks and months as each side looks to impose their will. In the webinar we discuss the early formation of a trading range which may give traders opportunities in the short- to medium-term.

British Pound (GBP) Latest: Sterling Weakens Ahead of Preliminary EU-UK Trade Talks

EUR/GBP has moved off its recent lows, but the upside looks set to be limited as both the UK and the EU will be affected by trade talks going forward. The pair is seen as a barometer for EU-UK relations and, as with GBP/USD, price action may be contained over the near-term.

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EUR/GBP Daily Price Chart (June 2019 – February 3, 2020)

eurgbp daily price chart
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -30% 3% -16%
Weekly -18% 5% -7%
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FTSE 100 is rallying on Sterling weakness, but coronavirus risks remain in-play and will likely temper any further upside strength. The risks from the Chinese flu to global growth are yet to be fully seen and any further escalation of the virus will see risk assets hit and potentially hard.

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) and the FTSE 100 – 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.