The British pound is higher on Tuesday. In the North American session, GBP/USD is trading at 1.2650, up 0.43%. With little else on the calendar today, Bank of England Governor Andrew Bailey is front and center. Bailey testified earlier before Parliament’s Treasury Committee and was surprisingly open about possible rate cuts later this year. Bailey did not push...
The British pound is showing limited movement on Wednesday. GBP/USD is trading at 1.2582 in the North American session, down 0.10%. The UK Construction PMI ticked lower to 45.5 in November, compared to 45.6 in October and shy of the consensus estimate of 46.3. The construction sector has been in contraction for most of the year and the November print marked a...
The British pound continues to rally on Tuesday after recording back-to-back winning days. In the North American session, GBP/USD is trading at 1.2544, up 0.33%. Earlier, the pound touched a high of 1.2559, its highest level since September 6th. Bank of England Governor Bailey testified before the Parliament's Treasury Committee earlier today. Bailey had a clear...
The UK economy has been struggling and Friday's GDP is expected to indicate negative growth, with a market consensus of -0.1% q/q for the third quarter. In Q2, GDP showed a small gain of 0.2%. August GDP is expected at 0.0% m/m, after a 0.2% gain in September. A soft GDP report will raise speculation about a recession and could weigh on the pound. Bank of England...
The British pound has posted strong gains on Thursday. In the European session, GBP/USD is trading at 1.2216, up 0.54%. Bank of England pauses The Bank of England voted to maintain interest rates at 5.25% at today's meeting. The pauses follow 14 straight rate increases in the current tightening cycle which began in December 2021. The move indicates that the MPC...
The British pound has started the week with strong gains. In the North American session, GBP/USD is trading at 1.2537, up 0.61%. The pound has been on a nasty slide, falling as much as 300 basis points since August 31st. The volatility could continue for the pound on Tuesday, with the release of key employment data. The labour market is showing signs of slowing...
The British pound has extended its losses on Thursday. In the North American session, GBP/USD is trading at 1.2472, down 0.28%. Earlier, the pound touched a low of 1.2445, its lowest level since June 8th. The pound has been unable to find its footing and has posted five losing sessions in the past six, falling 250 basis points during that span. UK house prices...
The British pound has pushed higher today, courtesy of a strong employment report. In the North American session, GBP/USD is trading at 1.2592, up 0.64%. The UK labour market remains robust, and today's employment numbers were higher than expected. The economy created 250,000 jobs, up from 182,000 crushing the consensus of 162,000. The unemployment rate dipped...
GBP/USD is trading quietly at 1.2423, down 0.11% on the day. UK inflation has been a thorn in the side of the Bank of England for months and is still above 10%. The UK releases the April inflation report on Wednesday and relief may finally have arrived. Headline CPI is expected to fall from 10.1% all the way to 8.3% y/y. That would be welcome news, but core CPI,...
GBP/USD is trading at 1.2517 in Europe, almost unchanged. In the UK, GDP declined by 0.3% in March m/m, below the 0.1% estimate and the February reading of 0.0%. Still, the economy managed to gain 0.1% in the first quarter, unchanged from Q4 2022 and matching the estimate. There was no surprise as the Bank of England raised rates by 25 basis points, bringing the...
The British pound is trading quietly on Monday. In the European session, GBP/USD is trading at 122.49, up 0.15%. The pound has looked sharp of late, and last it touched a high of 1.2343, its highest level since late January. In the UK, there are no tier-1 releases this week, but that doesn't mean it will be a quiet week for the pound. Investors will be listening...
The British pound is in positive territory on Wednesday. In the European session, GBP/USD is trading at 1.2107, up 0.47%. The pound is recovering from a nasty slide of almost 400 points, in which it dropped below the 1.20 line for the first time since Jan. 23. The equity markets were nervous ahead of Fed Chair Powell's remarks at an event in Washington on...
📌 @ridethepig GBP FX Commentary for the Yearly Close Here I will start by presenting the following two diagrams: The safety of the Pound turns out to be rather deceptive with a Johnson cabinet which is becoming increasingly weak. And once more, surprise surprise the reason no-deal brexit is being blocked after Biden blockades is a sufficient...
I am going long EURGBP at 86.00 with a stop loss at 85.20 and a target of 88.60 using 2% of capital. I have already articulated in both the latest chart packs that we are seeing pressure on USD and US10Y. This is a good example for us to use to highlight the slightly more cautious tone in GBP. This selloff looks like it has run out of steam around...
📌 ridethepig | EURGBP for ECB Now that we are trading back at the lows in the range in EURGBP, the game is roughly level going into ECB today and we can begin to look for positions once more. In a situation which is very similar to the previous flow that we played from the pivot in December. Continuing to build EUR exposure at 0.885x and looking for ECB &...
📌 @ridethepig G10 FX Market Commentary 18.12.2020 Another early breakfast for Pound sellers, brexit occupies the sentiment throne and optimism has clearly vacated! Pound now has its eye on the breakdown as expected since yesterday and even a wishy washy deal will be a sell in the short-term. Johnson and VDL taking it to the wires will turn out to be the...
The exchanging combination between Euro and British Pound continues: Diagram 1 Here we are dealing with the capture of the lows, when we successfully trapped our opponent at 0.830 live together . All the pound buyers are having to face up to the disappointment that the said Oven ready deal is cheerfully the most damaging attack on the UK economy. ...
EURGBP finding a bid from 0.900x as widely expected since earlier in the month. Here actively adding longs on the pullback for a move towards 0.915x highs. Little Britain are still nowhere near out of the woods yet with the 'oven ready’ Brexit still to come later this year. For those wondering why not Cable? It’s very tough to time a bottom in the dollar...