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
Wall Street
Bullish
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
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/1xhewkdV21
  • (USD Weekly Tech) US Dollar Dominant Uptrend Back In Focus: EUR/USD, USD/JPY, NZD/USD, USD/CHF https://www.dailyfx.com/forex/technical/article/special_report/2021/09/20/US-Dollar-Dominant-Uptrend-Back-In-Focus-EURUSD-USDJPY-NZDUSD-USDCHF.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/IpwzBGCi7P
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/qv8keXFzHZ
  • Join @IlyaSpivak at 22:00 EST/2:00 GMT for his cross-market weekly outlook webinar. Register here: https://t.co/MKGHc9ae64 https://t.co/JMlT0Wn3DK
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/sbejkd7XT5
  • *Reminder: Weekly Strategy Webinar Monday morning at 8:30am ET - https://t.co/lxd5fZnn4H Mid-Week Market Update on Wednesday at 9:30am ET - https://t.co/8SFBJxNZrA
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/CJR61cljOe
  • (AUD Weekly Tech) Australian Dollar May Wilt, Downtrends Resume: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/09/19/Australian-Dollar-May-Wilt-Downtrends-Resume-AUDUSD-AUDJPY-AUDNZD-AUDCAD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/DedoOKJMXh
  • 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/1mnOXUuBpt https://t.co/GQB0ic9Ahe
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/lx3cMSpZNc
Bank of England (BoE) Leaves Rates Untouched as Sterling Rallies Further on EU-UK Talk Optimism

Bank of England (BoE) Leaves Rates Untouched as Sterling Rallies Further on EU-UK Talk Optimism

Nick Cawley, Strategist

Bank of England (BoE) and Sterling (GBP/USD) Price, Analysis and Chart:

  • Bank of England leaves rates and quantitative easing unchanged.
  • Sterling hits a two-and-a-half-year high against the US dollar.
Advertisement

The Bank of England (BoE) left all policy measures unchanged at its last meeting of the year, in line with market expectations. The BoE’s quantitative easing program remains at GBP895 billion after an additional GBP150 billion was announced at the November meeting. The term funding scheme has been extended by six months.

Bank of England (BoE) Leaves Rates Untouched as Sterling Rallies Further on EU-UK Talk Optimism

The MPC noted that UK-weighted global GDP growth is likely to be ‘a little bit weaker than expected at the time of the November Report’ and that the outlook for the economy remains ‘unusually uncertain’.

Pre-BoE decision, Sterling hit a fresh 32-high against the US dollar as traders continue to price-in a deal between the EU and the UK. The last few days have seen progress made between the two sides and the mood music has also changed for the better. The EU Parliament has just sent out a statement saying that this Sunday is the deadline for an agreement so that it can be debated and signed-off before the December 31 deadline, a nudge to both sides to keep talks moving.

GBPUSD is back above 1.3600 and looking to push further ahead. The pair have traded as high as 1.3625 today and now target the end of April 2018 weekly candle high of 1.3793. The moving averages remain positive, although the CCI indicator warns that the pair are in heavily overbought territory.

GBP/USD Daily Price Chart (April - December 17, 2020)

Bank of England (BoE) Leaves Rates Untouched as Sterling Rallies Further on EU-UK Talk Optimism

Retail trader data shows 35.86% of traders are net-long with the ratio of traders short to long at 1.79 to 1.Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

Do you want to discover what kind of Forex Trader you are? Take the interactive DNA FA Quiz

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