GBP Trading Outlook
The Sterling (GBP) the GBP/USD gains but couldn’t match the speed of the EUR/USD and closed above 1.6200. EUR/GBP rallied up to 0.7950 and is a good pair to watch for genuine strength. Looking ahead, August German Retail Sales forecast at 0.6% vs. 0.3% previously.
The Sterling (GBP) the path of least resistance was downside overnight with losses mounting in the European session and fresh week lows below 1.6150 seen before the broader reversal in the US session tracking the EUR/USD higher. Looking ahead, Q2 Final UK GDP forecast at -0.5% vs. -0.5%. September Unemployment Change forecast at 10k vs. 9k previously.
The Sterling (GBP) GBP/USD was up and down with the rest of the market reaching 1.6260 twice before reversing to close below 1.6200 and a weak day of trade technically. The outlook for a larger pullback towards 1.6000 is very possible with market wide weakness. Looking ahead, German CPI forecast at 0.0% vs. 0.4% previously.
The Sterling (GBP) the Pound was on the back foot from the start of the Asian session and fell below 1.6200 during the European session. We saw a small bounce to 1.6220 but the market is heavy as the lack of fresh direction prompts profit taking across the board. Looking ahead, ECB President Draghi Speaks. October German GFK Consumer Sentiment forecast at 5.9 in October.
The Sterling (GBP) managed fresh year highs above 1.6300 during the European session but reversed sharply in the US session dragged down by weaker stocks and Euro. The outlook is for more gains but there is still some event risk from Spain this week and Greece Troika report. Looking ahead, September IFO German Business Climate forecast at 102.5 vs. 102.3 previously
Go to The Sterling (GBP) Archive