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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
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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.
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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
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -10% 1% -3%
Weekly 3% 10% 8%
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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.

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