GBP Trading Outlook
The Sterling (GBP) the GBP/USD finally broke 1.5700 decisively and pushed higher to 1.5750 on the back of the stocks and EUR/USD rally. July Retail Sales at 0.3% vs. -0.1% forecast helped underpin the move higher and traders are looking to extend the gains. Looking ahead, July German PPI forecast at 0.4% vs. -0.4% previously.
The Sterling (GBP) the GBP/USD was very quiet for a third day in very rare trade remaining close to the 1.5700 level. GBP/JPY buying and EUR/GBP selling is helping the major remain supported but traders will grow impatient and a breakout either way should happen before the weekend. July Claimant figures improved to -5.9k vs. 6k forecast and the Unemployment Rate dropped to 8.0% vs. 8.1% previously. Looking ahead, July Retail Sales forecast at -0.1% vs. 0.1% previously.
The Sterling (GBP) the GBP/USD remained close to the 1.5700 level but could not push above the level once again with USD strength in the US session. GBP/JPY is supporting the major with a nice move higher yesterday on the back of the USD/JPY. Looking ahead, August MPC Vote forecast at 0-9-0. Also July UK Claimant count forecast at 6k vs. 6.1k previously.
The Sterling (GBP) the 1.5700 level resistance proved too much for the GBP/USD and when EUR/GBP buyers entered the market and US stocks fell Cable eased back to 1.5680 supports. Looking ahead, August German ZEW Survey forecast at -19.6 vs. -19.6 previously.
The Sterling (GBP) what started as a weak day for the GBP/USD with the uptrend under pressure after 1.5600 was broken in the European session turned into a bullish day by the US close. The sharp reversal from 1.5580 lows saw 1.5700 tested for the first time in the week. EUR/GBP fell for most of the day down below 0.7850 and providing another avenue of support for the Pound. Looking ahead, No Major Data today.
Go to The Sterling (GBP) Archive