GBP Trading Outlook
The Sterling (GBP) the GBP/USD outperformed other pairs holding at 1.6180 on the downside before returning to 1.6220 in the US Session. Crosses supported the major with EUR/GBP falling briefly below 0.8000. Looking ahead, BoE Governor King Speaks.
The Sterling (GBP) the MPC minutes released overnight showed more QE was on the cards from the UK central bank if needed. The GBP/USD fell but found support under 1.6200 and this highlighted the strength the Pound is receiving lately. A bigger pullback would still help the GBP/USD continue higher if buyers were given a better level to re-enter. Looking ahead, September European Flash Manufacturing PMI forecast at 45.5 vs. 45.1 previously. Flash Services PMI was forecast at 47.5 vs. 47.2 previously.
The Sterling (GBP) the GBP/USD held gains against the USD and gained across the other currencies as the outperformance continued. EUR/GBP fell to 0.8030 and is eyeing a retest of the 0.8000 level. GBP/JPY back at Y128 and will be looking retest the critical Y130 level. Looking ahead, September UK MPC forecast at 9-0 unchanged.
The Sterling (GBP) the GPD/USD outperformed other majors gaining on the day even as stocks fell in the US session. The move above 1.6250 mean the EUR/GBP fell back to 0.8060 and could retest 0.8000 if the Euro rally falters. Looking ahead, August CPI forecast at 2.5% vs. 2.6% previously. Also August Retail Price index forecast at 3.1% vs. 3.2% previously.
The Sterling (GBP) GBP/USD broke above 1.6200 as the strength continued but were not matching the gains of the EUR/USD so the EUR/GBP hit new rally highs above 0.8100. Ongoing ‘risk on’ trade is likely to see the GBP/USD push even higher. Looking ahead, EU Current account forecast at 10.9bn vs. 12.7bn previously.
Go to The Sterling (GBP) Archive