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
Subscribe
Please try again
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
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
Wall Street
Bearish
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • 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/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
British Pound (GBP) Latest: GBP/USD Touches a Fresh 8-Month High as the Dollar Sell-Off Resumes

British Pound (GBP) Latest: GBP/USD Touches a Fresh 8-Month High as the Dollar Sell-Off Resumes

Nick Cawley, Strategist

GBP/USD Price, Chart and Analysis:

  • GBP/USD hits a new 8-month high on US dollar weakness.
  • UK Bank Holiday on Monday may prompt profit-taking later.

Sterling Pushes Higher Ahead of the Long Weekend

The British Pound is pushing higher Friday, especially against a weak US dollar, and is now back at levels last seen in late December 2019. Fed chair Jerome Powell’s Jackson Hole speech yesterday confirmed market expectations that the central bank will let inflation overshoot if needed and will now follow average inflation targeting (AIT) for as long as needed. After a brief burst higher, the US dollar has now resumed its medium-term sell-off.

USD Forecast
USD Forecast
Recommended by Nick Cawley
Q3 Sterling Guides
Get My Guide

US Dollar – Dead Cat Bounce?

British Pound (GBP) Latest: GBP/USD Touches a Fresh 8-Month High as the Dollar Sell-Off Resumes

There is little news about ongoing EU/UK trade talks with both teams working behind the scenes and keeping quiet. The British Pound still seems to be pricing-in a deal outcome with the UK currency better bid across a range of other majors. A no-deal scenario cannot be ruled out and leaves Sterling vulnerable at its current levels. There is a long-weekend ahead with the UK closed on Monday and GBP may see a bout of profit-taking later today as dealers square up ahead of the Bank Holiday.

Bank of England governor Andrew Bailey speaks later today (14:05 UK) opening proceedings on the second day of the virtual Jackson Hole Symposium and his comments need to be closely followed. For all economic data releases and market-moving events, see the DailyFX Economic Calendar

GBP/USD trades around 1.3275 after printing an 8-month high of 1.3289 earlier today. The recent trend higher continues to hold sway with cable printing higher lows and higher highs over the last four days. The move is starting to look stretched in the short-term with CCI indicator showing the pair in heavily overbought territory. While the recent supporting trendline has been broken, but not convincingly, it continues to prop up the pair and offers support around the 1.3145 level, just ahead of the 20-dma at 1.3122.

Find Market Turning Points with Support & Resistance

GBP Forecast
GBP Forecast
Recommended by Nick Cawley
Q3 Sterling Guides
Get My Guide

GBP/USD Daily Price Chart (January – August 28, 2020)

British Pound (GBP) Latest: GBP/USD Touches a Fresh 8-Month High as the Dollar Sell-Off Resumes
GBP/USD Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -17% 13% -5%
Weekly -16% 20% -3%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

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