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

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

2020-02-03 09:20:00
Nick Cawley, Strategist
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EU-UK Trade Talks and Sterling (GBP) Price, Chart and Analysis:

  • UK and EU fire their opening trade talk salvo.
  • Sterling giving back Friday’s gains.

GBP/USD – Pairing Friday’s Rally as UK and EU Talks Begin

The opening round of the EU-UK trade talks will start this morning, with both sides outlining their plans and red lines for a new trading relationship. EU Chief Negotiator Michel Barnier will speak at 10:00 GMT while UK PM Boris Johnson speaks one hour later at 11:00 GMT. UK PM Boris Johnson’s speech is already out, stating that the UK will not accept EU rules, while the EU has already said that the UK must accept EU rules and oversight if they want a free trade agreement. Nothing new, but the reality that the next 11 months will be acrimonious and unforgiving has weighed on the British Pound this morning.

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GBP/USD has already given back a large chunk of Friday’s rally which was driven by both Sterling strength and US dollar weakness. GBP/USD opened around 1.3085 on Friday and closed just of its daily high around 1.3205 as the pair hit a three-week high. Cable now trades around 1.3122and is pressing against support from the 50-day moving average at 1.3104 and a handful of recent highs and lows. The pair have made a series of higher lows off the November 8 low and if these hold the chart will remain positive. To the upside the 1.3265-1.3285 recent highs are the first target, while to the downside there are a cluster of support levels down to the 1.2975 level that may prove difficult to break.

GBP/USD Daily Price Chart (July 2019 – February 3, 2020)

British Pound (GBP) Latest: Sterling Weakens Ahead of Preliminary EU-UK Trade Talks
GBP/USD MIXED
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 18% -4% 3%
Weekly -2% 3% 1%
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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 (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.

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