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GBP/USD, EUR/GBP and FTSE 100 Weekly Outlooks - UK Webinar

GBP/USD, EUR/GBP and FTSE 100 Weekly Outlooks - UK Webinar

2020-08-03 11:53:00
Nick Cawley, Strategist
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GBP/USD, EUR/GBP and FTSE 100 – Prices, Charts and Analysis:

  • GBP/USD – two heavyweight drivers this week.
  • Bank of England announcement (Thursday) and US Labor Report (Friday) key this week,
GBP Forecast
GBP Forecast
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A raft of economic data releases this week will be overshadowed by the BoE policy announcement, and Quarterly Inflation Report, on Thursday and the latest look at US employment data (NFPs) on Friday, two important economic events. The UK central bank is expected to leave policy unchanged although voting patterns may shift the dial a little. Governor Andrew Bailey will also give his latest views on the health of the economy and any further dovish shift – additional QE or forward guidance - may weigh on Sterling. The US dollar is trying to find a bottom after its recent sell-off and will need another good set of payroll figures to help its cause.

DailyFX Economic Calendar

EUR/GBP has broken back below trend and is currently struggling to push higher. The Euro and Sterling both had a positive tone last week going into month-end and sellers have appeared in both currencies today. EUR/GBP currently trades either side of 0.9000 and today opened below both the 20- and 50-dma, adding to short-term negative sentiment. A group of recent lows around 0.8940 should hold if Fib retracement at 0.8891 breaks, all things being equal, while trend resistance and a recent high print, both around 0.9145, should temper further upside.

What is NFP and How to Trade It.

EURGBP Daily Price Chart (January – August 3, 2020)

GBP/USD, EUR/GBP and FTSE 100 Weekly Outlooks - UK Webinar
EUR/GBP MIXED
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Change in Longs Shorts OI
Daily -1% -6% -5%
Weekly -6% 13% 5%
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What is your view on Sterling – 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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