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British Pound (GBP) Latest: GBP/USD Uptrend Persists Despite Dire US Data

British Pound (GBP) Latest: GBP/USD Uptrend Persists Despite Dire US Data

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • Very weak economic data from the US, with more expected, has led to some safe-haven buying of the US Dollar.
  • That has prevented further gains in GBP/USD, although the uptrend in the pair could resume soon.

GBP/USD shrugs off recession fears

Trading in GBP/USD continues to be driven by movements in the US Dollar, which is attracting safe-haven buying after much worse than expected US economic data that revived fears of a deep US recession. Figures released Wednesday showed March retail sales down by a worse than expected 8.7% month/month while industrial production figures for the same month were down by an equally disappointing 5.4%. This session, markets are braced for another disastrous rise in weekly jobless claims of around five million.

That has put downward pressure on GBP/USD, which continues to edge back from its recent highs although there are few signs yet that the earlier uptrend is now reversing.

GBP/USD Price Chart, Hourly Timeframe (April 6-16, 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 -21% 14% -3%
Weekly -4% 5% 1%
What does it mean for price action?
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Elsewhere, EUR/GBP is stable after its recent losses while the FTSE 100 index of leading London-listed stocks is higher in early European trading Thursday, along with continental European markets, as data suggested that coronavirus death tolls in Italy and Spain are easing. The coronavirus outbreak in the UK is starting to peak too, according to the country’s Health Secretary Matt Hancock.

A Brief History of Major Financial Bubbles, Crises, and Flash-crashes

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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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