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GBP/USD & EUR/GBP Prices: Reinforcing Recent Trading Ranges - Webinar

GBP/USD & EUR/GBP Prices: Reinforcing Recent Trading Ranges - Webinar

2020-02-10 13:03:00
Nick Cawley, Strategist
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UK Data and Sterling (GBP) Price, News and Analysis

  • The first look at Q4 UK GDP may disappoint Sterling bulls.
  • Coronavirus news flow and German GDP at the end of the week need to be watched carefully.

GBP/USD Price Bouncing Off Recent Lows

A tepid bounce in GBP/USD today and back above 1.2900, as UK traders look ahead to Tuesday’s data with industrial and manufacturing production and Q4 GDP all released at 09:30GMT. It should be noted that the data is backward looking and for December and does not fully take in any post-general election ‘Boris-bounce’. GBP/USD has been on the back foot for most of the year, weighed down by a combination of post-Brexit trade fears and a resurgent US dollar. The 1.2900 – 1.3225 trading band is just about holding for now and will likely need a strong stimulus to shift out of this range permanently.

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

GBPUSD price chart
GBP/USD BEARISH
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Change in Longs Shorts OI
Daily -10% -13% -12%
Weekly 13% -6% 0%
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EUR/GBP also remains rangebound and price action may come under selling pressure if the Euro-Zone/German GDP numbers at the end of the week fail to match expectations. This year’s double-top just under 0.8600 should remain intact while support around the 0.8385 area may come pressure on Friday if data disappoints.

(Apologies for the coughing attack in the middle of the webinar).

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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