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Sterling (GBP) Price Outlook - GBPUSD & EURGBP

Sterling (GBP) Price Outlook - GBPUSD & EURGBP

Nick Cawley, Strategist

GBP Price, News and Latest Analysis

  • GBPUSD back above resistance for now – needs positive closes to continue move.
  • EURGBP marginally lower but the EUR is gaining momentum.

Q2 2019 GBP, USD and EUR Forecasts andTop Trading Opportunities

GBPUSD Price and Chart

Sterling has opened Tuesday in a positive fashion against a weaker US dollar. GBP is strong against a range of currencies and is now pushing back above a couple of recent resistance levels that have capped GBPUSD. The pair are back above an old support-turned-resistance level around 1.2960 and they have also traded above the 200-day moving average around 1.2970. A close is needed above these levels to add momentum to the move which may find stiffer resistance around 1.3005 – 20-day moving average – and the downtrend off the March 13 high around 1.3025.

GBPUSD Daily Price Chart (July 2018 – April 30, 2019)

Sterling (GBP) Price Outlook - GBPUSD & EURGBP

Retail traders are 71.7% net-long GBPUSD and 41.4% net-long EURGBP according to the latest IG Client Sentiment Data. See how recent daily and weekly positional changes affect GBPUSD and EURGBP sentiment.

EURGBP Price and Chart

EURGBP is nudging lower but both sides of the pair are currently picking up a bid, so an outright move is limited. Recent support around 0.8624 – 23.6% Fibonacci retracement – may be tested in the short-term although this level has held over the last two weeks. Below here, 0.8590 to 0.8600 need to be monitored. To the upside, there are three recent highs between 0.8679 and 0.8683 that may attract interest if bullish momentum returns. The CCI indicator is slightly oversold but not to any great extent.

EURGBP Daily Price Chart (August 2018 – April 30, 2019)

Sterling (GBP) Price Outlook - GBPUSD & EURGBP

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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