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.

Free Trading Guides
EUR/USD
Mixed
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
Mixed
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
Bearish
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.78%, while traders in US 500 are at opposite extremes with 68.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LVxJXK0YNh
  • Heads Up:🇪🇺 EUR German IFO Current Assessment (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 98.6 Previous: 99.1 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Heads Up:🇪🇺 EUR German IFO Expectations (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 92.1 Previous: 92.9 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Heads Up:🇪🇺 EUR German IFO Business Climate (FEB) due at 09:00 GMT (15min), Actual: N/A Expected: 95.3 Previous: 95.9 https://www.dailyfx.com/economic-calendar#2020-02-24
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 2.37% Silver: 1.79% Oil - US Crude: -3.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/qGErDKxU6q
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: -0.19% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.44% 🇦🇺AUD: -0.52% 🇳🇿NZD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UZkhKdEaS4
  • RT @TimBukOne: @ShaunMurison_IG Update: Now with latest real-time price added - lowest levels since 2003 using inflation adjusted, constant…
  • LIVE NOW: Join DailyFX Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. https://www.dailyfx.com/webinars/985612483
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/h72ZbD8gUS
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: -1.63% Wall Street: -1.63% Germany 30: -2.26% France 40: -2.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/APzhDnjKfP
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, Analyst
Share:

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.

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

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
GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% 15% 7%
Weekly 11% -23% -3%
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

News & Analysis at your fingertips.