GBP Trading Outlook
The Sterling (GBP) resistance was seen above 1.5900 and a larger pullback was seen with US stocks than with the Euro as the Pound is a more risk sensitive currency. Support was found under 1.5850 and the GBP/USD been very quiet so far in Asian trade Friday with uncertainty evident as for its next direction. Looking ahead, Q2 GDP forecast at -0.5% vs. -0.7% previously.
The Sterling (GBP) the GBP/USD surged towards 1.5900 on the back of the weak USD and is targeting 1.6000 in coming sessions with the uptrend in play. EUR/GBP is actually holding at the 0.7900 and could dip lower as the GBP holds its own against the Euro and traders still preferring the British Pound. Looking ahead, Q2 German GDP Final forecast unchanged at 0.3%. Also EU flash Manufacturing PMI forecast at 44.1 vs. 44 previously.
The Sterling (GBP) the GBP/USD broke with the EUR/USD surging to 1.5800 before finding resistance and easing back with US stocks. The outlook is mixed with the Pound strong technically but if US stocks move lower then the Pound will likely follow. The EUR/GBP cross moved back to 0.7900 and will be watching closely to see if the two majors are decoupling.
The Sterling (GBP) was extremely quiet pivoting the 1.5700 level tracking the ups and downs of the EUR/USD. Major resistance is just above near 1.5750. Looking ahead, July UK Public Sector Net Borrowing forecast at -2.7bn vs. 12.1bn previously. August CBI Orders at -8 vs. -6 previously.
The Sterling (GBP) the GBP/USD eased on Friday unable to kick higher after the strong moves on Thursday and falling back to the comfortable 1.5700 level in quiet trade. GBP/AUD buying supported along with GBP/JPY moves but the major will require fresh UK news to kick it higher. Looking ahead, No economic data Monday.
Go to The Sterling (GBP) Archive