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  • Crude oil prices are underpinned by an unexpected fall in US crude inventories, as well as a softening US Dollar. The API reported a substantial 5.27-million-barrel draw in crude inventories, far larger than the baseline forecast of a 0.43-million-barrel rise. https://t.co/F2bQ58LVHl
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British Pound (GBP) Latest: GBP/USD Price Topping Out

British Pound (GBP) Latest: GBP/USD Price Topping Out

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The US Dollar is stabilizing after its recent losses against a basket of currencies, prompting GBP/USD to edge lower following its previous strong gains.
  • In the news, the new leader of the UK Opposition Labour Party has called for the Government to publish its exit strategy from the UK’s coronavirus lockdown.

GBP/USD rally falters

GBP/USD is looking toppish after its previous strong gains that have taken it from a low of 1.1411 on March 19 to a high of 1.2648 yesterday. With little news to affect GBP one way or the other, it now seems to be tracking a stabilization of the US Dollar as concerns about the economic impact of the coronavirus pandemic wane.

The International Monetary Fund warned Tuesday of the worst economic downturn since the Great Depression of the 1930s. However, the impact has been blunted Wednesday by a cut in Chinese medium-term borrowing costs to a record low – increasing optimism that central banks and government will continue to act to mitigate the damage to the global economy.

How Central Banks Impact the Forex Market

GBP/USD Price Chart, One-Hour Timeframe (March 5 – April 15, 2020)

Latest GBP/USD price chart.

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

GBP/USD BULLISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -17% 40% 15%
Weekly -29% 50% 12%
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In the news, the new leader of the UK Labour Party, Sir Keir Starmer, has urged the Government to publish its exit strategy from the current Covid-19 lockdown in the UK, prompting a Government response that all decisions will be guided by scientific advice and data.

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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

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

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