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British Pound (GBP) Latest: Sterling Providing Refuge Amid Market Mayhem

British Pound (GBP) Latest: Sterling Providing Refuge Amid Market Mayhem

2020-03-10 09:00:00
Martin Essex, MSTA, Analyst
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GBP price and analysis:

  • The British Pound and the Euro are proving invaluable for traders and investors seeking protection from the crash in stocks, oil and bond yields, and their limited recovery Tuesday.
  • That recovery is evident in the FTSE 100 index, which is rallying along with other global stock markets.

GBP/USD providing stability for investors

The British Pound is proving invaluable for traders and investors seeking relative stability amid the crash in stock markets, the oil price and bond yields, and their subsequent limited recovery.

Over the past week, GBP/USD has climbed from around 1.28 to above 1.30 but has so far proved relatively immune from the huge swings in other markets despite the approach of this Wednesday’s set piece UK Budget and the March 26 meeting of the Bank of England’s monetary policy committee, which is all-but certain to cut UK Bank Rate to 0.5% from the current 0.75% – prompting speculation that the UK Treasury and the BoE may be coordinating monetary and fiscal policy.

GBP/USD Price Chart, One-Hour Timeframe (March 2-10, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

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At the same time, EUR/USD reached its highest level since January 2019 before slipping back Tuesday. However, EUR/GBP – like GBP/USD – is proving relatively immune from this week’s wild market swings, staying close to the 0.87 level.

EUR/GBP Price Chart, One-Hour Timeframe (March 2-10, 2020)

Latest EUR/GBP price chart.

Chart by IG (You can click on it for a larger image)

EUR/GBP BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 33% 0% 9%
Weekly 19% 0% 5%
What does it mean for price action?
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By contrast, the FTSE 100 index of leading London-listed stocks remains highly volatile, recovering modestly Tuesday after four successive sessions of steep losses prompted by the spread of the Covid-19 coronavirus and the spat between Saudi Arabia and Russia over oil output.

How to Invest During a Recession: Investments & Strategy

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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