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.

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
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
Bearish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • $DJIA futures carving out a Falling Wedge pattern just above the 200-MA after falling over 8% from the September 3 post-crisis high. $DJI #DowJones Is a recovery in the works? Find out how to trade these patterns and more here: https://www.dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/7dfYFgkpub
  • Copper prices may continue to push higher despite a worrying surge in Covid-19 cases and the lack of progress in Congressional stimulus negotiations. Get your #copper market update from @DanielGMoss here:https://t.co/N2OW566nID https://t.co/C33TkPT1vN
  • After some divergence, #EmergingMarkets capital outflows are picking up alongside the selloff in the #SP500 Markets may now be increasingly opening up to the consequences of a slowdown in the US spilling outward given a lack of new fiscal stimulus there - https://t.co/gKEdg1GeeZ https://t.co/I5dAptPjyQ
  • #SP500 futures hurtling towards the 200-MA after breaching Bear Flag support Above-average volume in tandem with the RSI snapping below 40 hints at extension of the recent move Implied measured move suggests price could fall as far as the 3000 level. #ES #SPX https://t.co/VdZKgblp3S https://t.co/hXHOIS1oho
  • Wall Street Futures Update: Dow Jones (-0.266%) S&P 500 (-0.317%) Nasdaq 100 (-0.524%) [delayed] -BBG
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-23
  • Silver prices in freefall... https://t.co/g32kz3VLNi
  • #Silver extends losses over 3.1% heading into Thursday's Asia Pacific trading session
  • South Korean Vice Finance Minister Kim Yong-Beom: South Korean stock market volatility may expand. Recent Won gains may be due to Chinese Yuan's rise -BBG
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4zDmzLQZ3j
British Pound (GBP) Outlook: Further Gains Likely for GBP/USD

British Pound (GBP) Outlook: Further Gains Likely for GBP/USD

2020-07-23 08:00:00
Martin Essex, MSTA, Analyst
Share:

GBP price, news and analysis:

  • GBP/USD continues to rise, largely on the persistent weakness of the US Dollar, with few signs yet of a pullback.
  • The strength of currencies like GBP and EUR against the US Dollar comes at a time when traders are torn between continuing stimulus measures and ongoing US-China tensions.

GBP/USD outlook still positive

The ongoing weakness of the US Dollar, which has fallen steeply since the start of July, is continuing to boost currencies like the Euro and the British Pound. With the upward trends in both EUR/USD and GBP/USD secure, the two pairs look likely to rise further, although near-term consolidation cannot be ruled out first.

As the chart below shows, the relative strength index (RSI) for GBP/USD is not yet in overbought territory and the pair looks to be stable above the 1.27 level.

GBP/USD Price Chart, One-Hour Timeframe (July 17-23, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

GBP Forecast
GBP Forecast
Recommended by Martin Essex, MSTA
Download our fresh Q3 GBP forecast
Get My Guide

The weakness of the US Dollar comes at a time when global markets are torn between continuing measures by central banks and governments to boost their economies after the damage caused by the coronavirus pandemic, and ongoing tensions between the US and China.

On that front, the US has ordered China to close its consulate in Houston, Texas, and China has responded by calling the move an “unprecedented escalation” of their dispute and said it is considering closing the US consulate in Wuhan in retaliation.

However, European stock indexes – including London’s FTSE 100 – are modestly firmer in early Thursday trading despite comments by US President Donald Trump that more consulate closures are “always possible”.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

Check out this article on how to use sentiment data when trading the financial markets

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% 11% 2%
Weekly -1% -6% -4%
What does it mean for price action?
Get My Guide

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via Twitter @MartinSEssex

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

DISCLOSURES