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British Pound (GBP) Latest: Sterling Remains Weak Ahead of GDP and Cabinet Reshuffle

British Pound (GBP) Latest: Sterling Remains Weak Ahead of GDP and Cabinet Reshuffle

2020-02-10 09:00:00
Nick Cawley, Strategist

British Pound (GBP) Price, News and Analysis:

  • GBPUSD slips lower but support remains close.
  • GDP data needs to be closely watched.

GBP/USD Weakens, Dropping to Support

Sterling opens the week on the back foot and has just touched lows last seen back at the end of November 2019. While GBPUSD has been affected by a strong US dollar, Sterling has also fallen against a range of other currencies. This week sees the latest UK GDP report, along with a raft of other data including industrial and manufacturing readings, released on Tuesday while the Cabinet reshuffle is expected to take place on Thursday or Friday.

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

Post-Brexit Trade Talks on the Backburner

There is little post-Brexit trade talk news to follow on Monday, although UK PM Boris Johnson is talking about creating 10 new free ports – or free trade zones – to attract new business and investment. These proposed zones could open in 2021 and would attract sizeable investment and create thousands of new jobs, according to the government.

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GBP/USD has taken out previous levels of support around 1.2900, although not by much, and may attempt a break of more important support between 1.2786 and 1.2825. These levels should prove resilient in the short-term and are likely to hold. The US dollar remains firm and continues to influence moves in GBPSUD. Old support around 1.2950 will now turn to initial resistance, followed by 1.3000.

GBP/USD Daily Price Chart (August 2019 – February 10, 2020)

gbpusd price chart showing sterling falling
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 24% -8% 3%
Weekly 25% -23% -8%
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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.