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British Pound (GBP) Turns Positive: GBP/USD and EUR/GBP Latest

British Pound (GBP) Turns Positive: GBP/USD and EUR/GBP Latest

Nick Cawley, Senior Strategist


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GBP/USD and EUR/GBP Latest Analysis, Prices, and Charts

  • GBP/USD pushing back above 1.2900 in thin pre-FOMC turnover.
  • EUR/GBP stalls as support levels near.
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Sterling has bounced off Monday’s 1.2798 swing low and is pushing higher against the US dollar ahead of the latest Federal Reserve monetary policy decision. Trade is light ahead of the meeting as traders wait to see if Chair Powell gives any clues in his post-meeting press conference about the future path of interest rates. Financial markets are pricing in one final 25 basis point rate hike today, to 5.25%-5.50%, before a multi-month period of consolidation. The US economy is seemingly on the right path with inflation continuing to fall, growth picking up, while the jobs market remains strong.


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Cable (GBP/USD) is trying to break back above 1.2900 but progress is limited so far with the Fed meeting on the horizon. The pair's next move will be dictated by Jerome Powell’s comments with current market thinking that the Fed chair may move to a more neutral stance, albeit stressing that the FOMC remains data-dependent. Support is seen at 1.2800 before 1.2742 and 1.2667 come into play. Any dovish noises from chair Powell would bring 1.3000 into view.

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GBP/USD Daily Price Chart – July 26, 2023

GBP/USD Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 8% 0% 2%
Weekly 18% 5% 9%
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Retail Traders Ramp Up Longs Over the Week

Retail trader data show 49.09% of traders are net-long with the ratio of traders short to long at 1.04 to 1.The number of traders net-long is 2.26% higher than yesterday and 51.91% higher than last week, while the number of traders net-short is 2.33% higher than yesterday and 25.54% lower than last week.

EUR/GBP is trying to arrest its recent sell-off but may struggle going forward. Recent Euro Area has been weak and the talk that German growth remains a problem is not helping the ECB ahead of tomorrow’s policy decision. ECB President Lagarde will have a tricky time ahead of her in trying to raise rates by just enough to stamp down on inflation while not hindering growth prospects. Support is seen at 0.8549 and 0.8519.

EUR/GBP Daily Price Chart – July 26, 2023


Retail trader data show 70.87% of traders are net-long with the ratio of traders long to short at 2.43 to 1.The number of traders net-long is 20.10% higher than yesterday and 0.64% higher than last week, while the number of traders net-short is 32.40% lower than yesterday and 21.14% lower than last week.

What is your view on the British Pound – 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.