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British Pound Latest (GBP) - GBP/USD Pullback, EUR/GBP Dips Supported

British Pound Latest (GBP) - GBP/USD Pullback, EUR/GBP Dips Supported

2020-07-10 08:11:00
Justin McQueen, Analyst
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GBP/USD, EUR/GBP Price Analysis & News

  • EU-UK Talks Appearing to Make Headway on Fisheries
  • Global Bond Markets Rally as Equities Soften

EU-UK Talks Appearing to Make Headway on Fisheries

Despite headway appearing to be made between the EU and UK over fisheries. EU Chief Negotiator reiterated that significant divergences remain in trade talks thus setting up another tedious round of negotiations next week. Political risks persist for the Pound and thus the currency fell short just below the 200DMA, retreating below the 1.26 handle.

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% 3% 0%
Weekly 6% -3% 0%
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Global Bond Markets Rally as Equities Soften

A wave of risk aversion to close out the week as COVID cases in the US continue to provide concerns for investors. That said, high beta currencies are among the underperformers with the Pound on the back foot. Alongside this, as global bond yields continue to head lower, risks remain for larger a pullback in risk appetite, thus leaving the Pound susceptible to further losses in the short-term, which in turn could see dips in EUR/GBP supported.

GBP/USD Price Chart: Daily Time Frame

British Pound Latest (GBP) - GBP/USD Pullback, EUR/GBP Dips Supported

Source: IG

EUR/GBP Price Chart: Daily Time Frame

British Pound Latest (GBP) - GBP/USD Pullback, EUR/GBP Dips Supported

Source: IG

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

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