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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.77%, while traders in France 40 are at opposite extremes with 69.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ATuT8Qs6wU
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.10% Oil - US Crude: 0.77% Gold: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KbRbN5AOsk
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/wOM86j8WF2
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.61% 🇳🇿NZD: 0.59% 🇪🇺EUR: 0.49% 🇦🇺AUD: 0.37% 🇨🇦CAD: 0.25% 🇯🇵JPY: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gq10tc4FsL
  • 🇮🇱 GDP Growth Rate QoQ 1st Est (Q1) Actual: -1.7% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.27% FTSE 100: 0.20% Germany 30: 0.19% France 40: 0.17% Wall Street: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UEpwILW93G
  • Heads Up:🇮🇱 GDP Growth Rate QoQ 1st Est (Q1) due at 10:00 GMT (15min) Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/trHmVeFRyd
  • US Dollar basket at a three-month low. #usdollar #usd @DailyFX https://t.co/kCGWgw4lVp
  • 💶 Balance of Trade (MAR) Actual: €15.8B Previous: €17.7B https://www.dailyfx.com/economic-calendar#2021-05-18
British Pound (GBP) Latest: GBP/USD Nudges Higher, FTSE 100 Picks-Up as President Trump Takes Action

British Pound (GBP) Latest: GBP/USD Nudges Higher, FTSE 100 Picks-Up as President Trump Takes Action

Nick Cawley, Strategist

GBP/USD and FTSE 100 Prices, Chart and Analysis:

  • Sterling opens flat to marginally higher as heavyweight data looms large.
  • FTSE 100 positive but hurdles remain.

Sterling is making early gains across a range of currencies but it remains to be seen if there will be any follow-through. There is little in the way of fresh Sterling-positive news and with two heavyweight data releases out in the next two days, the British Pound may be vulnerable. The employment data out Tuesday is expected to show unemployment rising by 288k in May although the real picture for unemployment will become clearer later in the year.

On Wednesday, data is expected to show that the UK economy is over 20% smaller than Q2 last year with a monthly Y/Y contraction of 18.5%. Note that GDP data is for June and therefore more timely than the unemployment release.

For all market-moving data releases and events see the DailyFX Economic Calendar

British Pound (GBP) Latest: GBP/USD Nudges Higher, FTSE 100 Picks-Up as President Trump Takes Action

GBP/USD trades either side of 1.3060 and is in a rough short-term 1.3000/1.3180 trading range. A positive on the chart is the formation of a bullish golden-cross with the 50-dma breaking above the 200-dma. The pair have been boosted by recent US dollar weakness and the greenback will likely remain the main driver ahead of this week’s data releases.

How to Read a Candlestick Chart

GBP/USD Daily Price Chart (November 2019 – August 10, 2020)

British Pound (GBP) Latest: GBP/USD Nudges Higher, FTSE 100 Picks-Up as President Trump Takes Action

The FTSE 100 has also opened the week in positive territory after positive sessions in the US and parts of Asia – Tokyo and Singapore were closed. US President Trump used his executive powers to sign-off on an emergency economic aid package after talks in Congress over the second coronavirus relief package ended once again in a stalemate. The FTSE remains in a two-month trading range between 5,850 and 6,350 with little volatility seen in the market (ATR). The FTSE is currently to push back above both the 20- and 50-dmas - 6,102 and 6,260 respectively – with the 50% Fib retracement at 6,233 in the mix for good measure.

FTSE 100 Daily Price Chart (January – August 10,2020)

British Pound (GBP) Latest: GBP/USD Nudges Higher, FTSE 100 Picks-Up as President Trump Takes Action

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

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.

DISCLOSURES