GBP Trading Outlook
The Sterling (GBP) the GBP/USD muddled through an uninspiring day of trade falling back from highs in Asia at 1.5680 to support at 1.5610 in the US session. The Major is still bullish technically with higher lows daily but a failure to break 1.5700 soon will weigh on sentiment. June UK Trade Balance widened to -10bn vs. -8bn previously. Looking ahead, July German CPI forecast at 0.4% vs. 0.4% previously m/m.
The Sterling (GBP) GBP/USD had a stellar day and was the strongest pair in the market after the BOE Governor King argued against cutting interest rates surprising the bears. Resistance was found just under 1.5700 and we are still under the level in Asia but well supported and looking to retest. Looking ahead, June Trade Balance forecast at -8.63bn vs. -8.36bn previously. Also ahead, ECB Monthly Bulletin.
The Sterling (GBP) the GBP/USD rallied to 1.5650 before easing back with the Euro in the US session but overall did much better than most pairs and finished higher on the day. Looking ahead, June German Trade Balance forecast at 15bn. June Industrial Output forecast at -0.8% vs. 1.6% previously.
The Sterling (GBP) THE GBP/USD was under pressure for most of the day down from 1.5650 to 1.5550. Constant EUR/GBP buying weighed and could hamper further rallies for the major. UK Halifax House Prices fell -0.6% vs. -0.5% forecast m/m. Looking ahead, June Industrial Output forecast at -3.4 vs. 1% previously
The Sterling (GBP) the GBP/USD rallied but was lagging the EUR/USD as the EUR/GBP basked in the Euro positivity. Resistance was seen near 1.5650 and we are looking to retest last week’s highs above 1.5750 if the rally continues. GBP/JPY buying is supporting the rally. Looking ahead, July UK Halifax HPI forecast at -0.5% vs. -1% previously.
Go to The Sterling (GBP) Archive