GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support – Webinar

GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support – Webinar

- in Forex Trading

Sterling (GBP) Pairs – Prices, Charts and Analysis:

  • GBPUSD making limited gains, EURGBP picking up on Euro strength.
  • FTSE 100 nears 200-day/Fibonacci support.

Q3 2019 Currency Forecasts andTop Trading Opportunities

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

Financial Markets Rattled by Heightened US-China Trade War

Risk-off trades dominated the start of the week after US President Donald Trump applied an additional round of tariffs on Chinese imports. Over the weekend, the closely-watched USDCNH rate traded above 7.00, a weakening that will rile the US and may see additional action taken

Risk-off markets received a strong bid in Asian hours which rolled over into Europe. Equity markets slumped by near 2%, taking the FTSE 100 close to a support area where the 200-day moving average meets an important Fibonacci retracement level.

GBPUSD picked up a fraction in European trade and may keep pushing ahead, but gains are likely limited, and risk-reward makes taking a position difficult. EURGBP traded just under 0.9200, as the EUR picked up a small bid and the recent high around 0.9300 may come under pressure.

EURGBP Weekly Price Chart

GBP/USD Picks up, EUR/GBP Rallies, FTSE Nears Support - Webinar

Retail traders are 79.3% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a stronger GBPUSD bearish contrarian trading bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at [email protected]or via Twitter @nickcawley1.

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