Trader Sentiment Bullish, GBP/USD Price Outlook Positive | Webinar
Market sentiment analysis:
- Market confidence has returned as the chances of a US-China trade agreement rise, concerns about a hard Brexit recede and the latest US jobs data lift optimism.
- That could give a further lift to the riskier currencies such as GBP, EUR and AUD, at the expense of the traditional safe havens.
Demand for riskier currencies could rise further
The currencies that traders regard as risky, like the British Pound, Euro and Australian Dollar could benefit further from an improvement in market sentiment as the US and China near a “phase one” trade deal, the chances of a no-deal Brexit recede and the latest US jobs data are well received.
GBP/USD Price Chart, Hourly Timeframe (October 25 – November 5, 2019)
Chart by IG (You can click on it for a larger image)
In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.
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--- Written by Martin Essex, Analyst and Editor
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.