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Abstract:A busy week of global data, events and central bank speak will end with the monthly US non-farm payroll releases. And some UK asset charts are nearing important technical levels.
Sterling Price, Chart and Analysis
Busy week for data and events.
Technical indicators coming to the fore.
Q2 2019 GBP and USD Forecasts andTop Trading Opportunities
A very busy calendar this week with rate decisions from the RBA and ECB, ongoing Brexit and UK leadership news, US Fed speakers and the latest look at US non-farm payrolls. All this against a backdrop of deteriorating trade talks, heightened risk aversion and US President Donald Trumps visit to the UK.
DailyFX Calendar
The technical set-up on a variety of UK asset charts also show important indicators in-play, adding to already volatile markets.
GBPAUD – 200-Day Moving Average Breaking Down.
FTSE 100 – 200-Day Moving Average and 38.2% Fibonacci Retracement
GBPUSD continues to drift lower despite a marginally weaker US dollar. A trading range may be setting up between last weeks low at 1.2560 and high around 1.2750, but the downtrend from the beginning of May still holds for now.
IG Client Sentiment data paints a negative picture for the pair with 81.1% of traders long GBPUSD, a bearish contrarian bias signal. However, recent daily and weekly positional changes give us a mixed trading bias for GBPUSD.
GBPUSD Daily Price Chart (September 2018 – June 3, 2019)
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 GBPUSD – bullish or bearish? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
BRITISH POUND, GBP/USD, EUR/GBP - TALKING POINTS
British Pound Q3 Technical Forecast: Attractive at Lower Levels
GBPUSD has just hit its highest level since late-July and is eyeing further gains on a combination of a marginally stronger Sterling complex and a weak US dollar.
EURUSD gives back the rebound from earlier this month, with the Euro at risk of exhibiting a more bearish behavior as the ECB is expected to deliver a rate cut.