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
Mixed
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
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
Gold
Mixed
GBP/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
USD/JPY
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
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/U5nV4ch2t8
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:https://t.co/sR7HqpK8BI https://t.co/Q6WGzHhudp
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/2MCG036HGH https://t.co/CbnRsuyRwi
  • #Gold saw its worst performance the past 5 days in 5 months as longer-dated government bond yields in developed countries rose Could this be the beginning of a turning point in #XAUUSD? https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/08/15/Gold-Price-Outlook-Will-XAUUSD-Brush-off-Worst-Week-in-5-Months.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/x2Indk3b7P
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/PT09ZsIOCa
  • The US #Dollar may rise, buoyed by haven demand as fiscal stimulus talks stagnate and swelling tensions between Washington and Beijing sink trade talks. Get your #currencies update from @DanielGMoss here: https://t.co/Wcw9PDUr67 https://t.co/gnYZYl6aLV
  • Upside in #CrudeOil struggling ahead of #OPEC meeting. Cartel likely to maintain wait and see approach. Get your #commodities update from @JMcQueenFX here: https://t.co/gNHHKoTUzm https://t.co/eF40DRIBJ5
  • #Gold had some big moves last week, and while vol is expected to die down a bit, it will be important to see if gold can hold its ground in the coming days/weeks. Get your #metals update from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/3fjodPHTDm
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
British Pound (GBP) Latest: GBP/USD Uplift Driven by US Dollar Weakness

British Pound (GBP) Latest: GBP/USD Uplift Driven by US Dollar Weakness

2020-07-06 08:00:00
Nick Cawley, Strategist
Share:

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

  • Sterling up against the USD but lower against a range of other currencies.
  • EU/UK trade talks continue in the London this week.
  • Bank of England warns over negative interest rate implementation.
GBP Forecast
GBP Forecast
Recommended by Nick Cawley
Brand New Q3 Sterling Guides
Get My Guide

Sterling Struggles to Push Higher

The EU/UK trade talks continue this week in the London after last week’s negotiations were cut short last Thursday with little progress made. Both sides have agreed to accelerate talks but the main areas of disagreement – fishing access, the role of the ECJ and a level playing field – remain and a middle ground will need to be found quickly.

Bank of England governor Andrew Bailey has reportedly written to UK lenders to warning them that taking UK interest rates into negative territory would be a significant operational undertaking that may take up to 12 months for lenders to implement. While the Bank of England previously said that a negative interest rate policy (NIRP) was not currently being considered, it seems that governor Bailey is keeping the option of NIRP open, a policy that would likely weaken Sterling going forward.

GBP/USD is trading either side of 1.2500 but with little conviction either way. The current weakness in the US dollar is keeping the pair propped up but Sterling will need its own driver/s to push the pair higher. Short-term resistance off the 61.8% Fibonacci retracement level at 1.2517 before recent highs between 1.2530 and 1.2544 come into play. GBP/USD broke above the 50-dma last week and has opened above the 20-dma today, giving the pair a short-term boost. Sterling is currently quoted around 0.30% lower against a range of other currencies.

GBP/USD Daily Price Chart (December 2019 – July 6, 2020)

British Pound (GBP) Latest: GBP/USD Uplift Driven by US Dollar Weakness
GBP/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -10% 1% -3%
Weekly 3% 10% 8%
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.

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.