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British Pound (GBP) Outlook: Failing to Benefit From Global 'Risk On' Sentiment

British Pound (GBP) Outlook: Failing to Benefit From Global 'Risk On' Sentiment

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • A rebound in global equities in New York Wednesday, followed by gains in Asia and early in Europe Thursday, suggests that investors are broadly positive about the markets.
  • Continuing weakness in the safe-haven US Dollar also suggests confidence, yet the British Pound is failing to benefit and still shows no sign of breaking above the psychological resistance at 1.40 on a consistent basis.
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GBP/USD challenged by 1.40 resistance

GBP/USD still seems unable to break through the psychologically-important 1.40 level on a consistent basis even though a rebound in stock markets worldwide and ongoing weakness in the safe-haven US Dollar suggest that investors are broadly positive about the global economic outlook and the markets.

The problem for Sterling is that record coronavirus infections in India and more restrictions in Japan are pointing to a note of caution that can be seen in particular in the crude oil market, where concerns remain about weakening demand for fuel, and it may be that this caution is also holding back GBP/USD.

GBP/USD Price Chart, One-Hour Timeframe (April 12 - 22, 2021)

Latest GBP/USD price chart.

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

Similar caution can be seen in EUR/GBP, where for now at least there has been little sign of a downward reaction after the strength seen earlier this month.

EUR/GBP Price Chart, One-Hour Timeframe (April 1 - 22, 2021)

Latest EUR/GBP price chart.

Source: IG

That said, the next move in EUR/GBP will likely depend on the tone taken by European Central Bank President Christine Lagarde in her press conference later this session. The ECB won’t be announcing any changes to its monetary policy but traders will be listening carefully for any hints that the Eurozone central bank is starting to debate withdrawing some of its monetary stimulus.

Click here to find out what to expect from the ECB meeting

--- 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.

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