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GBP Better Bid, EUR Slips, Indices Continue to Rally - US Market Open

GBP Better Bid, EUR Slips, Indices Continue to Rally - US Market Open

2020-02-12 13:10:00
Nick Cawley, Strategist
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US Market Open – Cryptocurrencies,US Dollar, Gold,Crude Oil,Indices,

  • GBP/USD pushing back to 1.3000.
  • EUR/USD bearish behavior still evident.
  • Equity markets continue to rally.

British Pound Retracing Recent Losses

GBP/USD touched an intraday high of 1.2990 in early turnover and continues to claw back recent losses against a strong US dollar. The British Pound is advancing across a range of currencies, taking heart from yesterday’s better-than-expected UK Q4 GDP release. There are roadblocks ahead, but this week’s positive performance may suggest further gains on the horizon.

GBPUSD Tests a Key Chart Point – British Pound vs US Dollar Price Outlook

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Daily GBP/USD Price Chart (July 2019 – February 12, 2020)

GBP Better Bid, EUR Slips, Indices Continue to Rally - US Market Open
GBP/USD BEARISH
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The Euro continues to fall against all majors after recent weak economic data highlighted the struggles that the ECB currently face in their effort to reboot the Euro-Zone economy. EUR/USD trades just above the 1.0910 mark while EUR/GBP is testing big figure support at 0.8400.

Euro Outlook Bearish vs US Dollar on Powell Testimony, Fed Speak

Equity Markets Continue to Move Ever Higher

A sea of blue in the indices space as buyers shun coronavirus fears and push markets to fresh highs. The DAX has made another fresh high while the Nasdaq is prepped for a run at 10,000.

Nasdaq 10,000 – It’s More Than a Psychological Level

Cryptocurrencies on a Roll

The substantial gains seen in the cryptocurrency market made this year may have gone unnoticed by some, but upside momentum seems to be building. Some of the major coins/tokens are now up 100% in 2020 and are looking to move higher as their charts turn from neutral to positive.

GBP Better Bid, EUR Slips, Indices Continue to Rally - US Market Open

Via CoinMarketCap

For a full rundown of all market moving economic data and events see the DailyFX Calendar

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 market view – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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