We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
  • $GBPUSD posts impressive Q2 recovery, however, what upside challenges lie ahead in Q3? Download our #GBP trading guide to find out: https://t.co/ZE0yjc6wdQ https://t.co/bFa90VJYor
British Pound (GBP) Latest: Brexit Trade Talks, Government Spending Plans

British Pound (GBP) Latest: Brexit Trade Talks, Government Spending Plans

2020-06-29 08:11:00
Nick Cawley, Strategist
Share:

British Pound (GBP) – GBP/USD Forecast, Chart and Analysis:

  • Brexit talks coming down to the wire.
  • PM Johnson to unveil a major infrastructure spending plan on Tuesday.
Building Confidence in Trading
Building Confidence in Trading
Recommended by Nick Cawley
Be Prepared, Make a Game Plan
Get My Guide

GBP/USD Respecting Support Around 1.2300 For Now

Trade negotiations between the EU and the UK will continue this week in the latest attempt to break the stalemate between the two sides. Both sides are hoping that this week’s face-to-face talks will add momentum to the currently gridlocked negotiations with fisheries, the role of the ECJ and competition rules still at the top of the agenda. If the two sides can find some common ground on these issues, Sterling may well push higher from its current lowly level.

UK PM Boris Johnson is expected to unveil a new infrastructure spending plan on Tuesday as the UK economy faces a ‘thunderclap of the economic consequences’ of the COVID-19 pandemic. The Prime Minister is expected to announce plans to build new hospitals, schools, housing developments and road and rail projects in the latest attempt to boost the ailing UK economy.

GBP/USD is nudging higher in early trade but remains near multi-week lows. Support around 1.2300 continues to hold, helped by 50% Fibonacci retracement at 1.2306, but a break and close below would open the way to the 38.2% Fib at 1.2095 and the mid-May multi-month low at 1.2072. While the chart set-up for Sterling looks negative, a break back above the 50-day moving average at 1.2407 would set the pair up for a re-test of the 1.2517-1.2540 area.

GBP/USD Daily Price Chart (December 2019 – June 29, 2020)

British Pound (GBP) Latest: Brexit Trade Talks, Government Spending Plans
GBP/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% 8% 4%
Weekly -17% 55% 11%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

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.

DISCLOSURES

News & Analysis at your fingertips.