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
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • 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/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
  • The amount of breakouts the #USD saw against its major peers this week was fairly impressive Lots of opportunities here for reversing dominant downtrends that have been prevailing for about 14-15 months Stay tuned for my USD weekly technical outlook coming out this weekend!
British Pound (GBP) Outlook: GBP/AUD, GBP/NZD, GBP/JPY Weakening

British Pound (GBP) Outlook: GBP/AUD, GBP/NZD, GBP/JPY Weakening

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The British Pound is moving lower against the Euro, the Japanese Yen, the Australian Dollar and the New Zealand Dollar after Andy Haldane, the Bank of England’s chief economist, said he was leaving the Bank.
  • He is regarded as the most hawkish member of the Bank’s monetary policy committee so his departure could mean less pressure on the Bank to raise interest rates as the UK economy expands and inflation worries rise.
Advertisement

GBP/AUD, GBP/NZD and GBP/JPY weaken, EUR/GBP firmer

Sterling is looking weaker against most other currencies Wednesday after Tuesday’s news that Andy Haldane, the Bank of England’s chief economist, will step down after the Bank’s monetary policy committee meeting in June. He is widely seen as the only hawk on the MPC so his departure could mean marginally easier monetary policy than would otherwise be the case.

GBP is currently gaining against weaker currencies like the US Dollar, the Canadian Dollar and the Swiss Franc but is otherwise lower in early European business Wednesday as traders argue that the Bank is now less likely to increase interest rates for fear of inflation rising as the UK economy recovers from its current weakness caused by Covid-19 lockdowns.

GBP/AUD, for example, is now sitting on the support line of an upward-sloping channel and if that support breaks then further declines will likely follow.

GBP/AUD Price Chart, Daily Timeframe (November 2, 2020 – April 14, 2021)

Latest GBP/AUD price chart.

Source: IG (You can click on it for a larger image)

Note, however, that fellow rate setter Gertjan Vlieghe is due to leave the MPC at the end of August and Vlieghe is seen as more as a dove. His departure will therefore restore the dove/hawk balance on the MPC although that could change again depending on who is picked to replace the two departing members.

Check out my top trade for the second quarter of 2021 by clicking here

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES