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
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • 🇯🇵 Balance of Trade (MAY) Actual: ¥-187.1B Expected: ¥-91.2B Previous: ¥253.1B https://www.dailyfx.com/economic-calendar#2021-06-15
  • 🇯🇵 Machinery Orders YoY (APR) Actual: 6.5% Expected: 8% Previous: -2% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇨🇭 US-Russia Meeting due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-06-16
  • Heads Up:🇯🇵 Balance of Trade (MAY) due at 23:50 GMT (15min) Expected: ¥-91.2B Previous: ¥255.3B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:🇯🇵 Machinery Orders YoY (APR) due at 23:50 GMT (15min) Expected: 8% Previous: -2% https://www.dailyfx.com/economic-calendar#2021-06-15
  • 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/cRN0o4UY39
  • 6 out of 9 Dow Jones sectors ended lower, with70% of the index’s constituents closing in the red. Energy (+2.16%) and materials (+0.39%) outperformed, whereas communication services (-0.94%) and information technology (-0.74%) trailed behind. https://t.co/TbG00AI7Nx
  • US Dollar Outlook: USD Volatility to Rise with Fed Decision Due -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/06/15/us-dollar-outlook-usd-volatility-to-rise-with-fed-decision-due.html $DXY #FOMC #Forex https://t.co/ibLirXLpBI
  • The US Dollar continues to see varied performance against ASEAN currencies. USD/SGD is consolidating. USD/THB may bounce. USD/IDR and USD/PHP could continue lower.Get your market update from @ddubrovskyFX here:https://t.co/Ccvcy93t5X https://t.co/ccBTxJG4gJ
  • With the FOMC decision dead ahead, the $SKEW 'tail risk' indicator has pushed to the highest reading on record (back to 1989). Overtook the previous Aug 2018 peak. Here it is overlaid on $SPX https://t.co/s0SNSwqdw8
British Pound (GBP) Outlook - Positve Sentiment Pushing GBP/USD Higher

British Pound (GBP) Outlook - Positve Sentiment Pushing GBP/USD Higher

Nick Cawley, Strategist

British Pound (GBP) Price Outlook

  • BoE dep gov Broadbent sees ‘very rapid growth over the next couple of quarters’.
  • UK vaccination program ploughing ahead.

The deputy governor of the Bank of England, Bill Broadbent, said over the weekend that the UK economy may register ‘very rapid growth over the next couple of quarters’ fueled by a further rise in consumer spending. Broadbent suggests that consumers will save less and continue to spend their recently accumulated savings above the BoE official forecast of 5%, boosting the nascent UK recovery.

The latest EY ITEM Club report now forecasts that the UK economy will grow by 6.8% in 2021 – the fastest rate since the second world war - compared to the 5% growth suggested in their January forecast, citing the highly successful UK vaccination program as the fundamental driver of economic confidence. The report also forecasts that UK unemployment will not be as bad as initially feared – 5.8% compared to its 7% forecast in January – with the jobless rate falling to 4.5% by the end of next year.

The UK vaccination program has seen more than 46 million people receive at least one vaccine shot – nearly 65% of the UK population – while 12.5 million people have received two doses. The latest data also show deaths within 28 days of a positive test and patients admitted to hospital numbers continuing to fall.

British Pound (GBP) Outlook - Positve Sentiment Pushing GBP/USD Higher

The daily chart shows that the medium-term supportive GBP/USD trendline remains in place despite the recent bouts of GBP/USD weakness. While this week’s UK economic calendar is fairly light, the US docket is packed full of potentially market-moving events and releases, and these are the most likely drivers of cable this week, starting with Durable Goods at 12:30 GMT today.

British Pound (GBP) Outlook - Positve Sentiment Pushing GBP/USD Higher

For all market-moving economic data and events see the real-time DailyFX calendar.

GBP/USD may test the recent cluster of highs just above 1.4000 if the current positive set-up remains while there is a cluster of support between 1.3800 and 1.3850.

GBP/USD Daily Price Chart (October 2020 – April 26, 2021)

British Pound (GBP) Outlook - Positve Sentiment Pushing GBP/USD Higher

Retail trader data show 53.64% of traders are net-long with the ratio of traders long to short at 1.16 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

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 GBP/USD – 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