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British Pound Latest (GBP) - GBP/USD Choppy, Focus on June Top

British Pound Latest (GBP) - GBP/USD Choppy, Focus on June Top

2020-07-24 08:00:00
Justin McQueen, Analyst
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GBP/USD Price Analysis & News

  • GBP/USD Choppy Overnight, EU-UK Negotiations Remain at an Impasse
  • GBP/USD Largely Driven by US Dollar Dynamics, Eyes on June HIgh

GBP/USD Choppy Overnight, EU-UK Trade Negotiations Remain at an Impasse

A relatively choppy session thus far for the Pound, which pulled back from its overnight high at 1.2770 to a low of 1.2720. UK retail sales this morning were unsurprisingly better than expected on the month, as retailers opened up. Despite this however, BoE rate setters remain cautious on the UK outlook with BoE’s Haskel the latest member to highlight concerns over the UK recovery path. Elsewhere, the tedious EU-UK trade negotiations showed little in the way of material progress as EU’s Barnier reiterated that significant divergences remain.

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% 8% 1%
Weekly 3% -3% -1%
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GBP/USD Largely Driven by US Dollar Dynamics, Eyes on June High

That said, the main driver for GBP/USD has been the persistent weakness observed in the US Dollar, which sees the pair maintaining a foothold above 1.2700. While price action has been somewhat indecisive following the break above the 200DMA, we do not rule out a potential test of the June high situated at 1.2813. However, we political concerns remaining for the UK, GBP/USD may struggle to maintain a foothold above 1.28.

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GBP/USD Price Chart: Daily Time Frame

British Pound Latest (GBP) - GBP/USD Choppy, Focus on June Top

Source: IG

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