GBP/USD NEAR-TERM OUTLOOK STILL POSITIVE
GBP/USD is pausing after its recent climb higher but the lack of a sharp selloff on bad news on post-Brexit trade talks with both the EU and the US suggests that the underlying trend in the pair remains upwards.
According to The Daily Telegraph, the UK is close to abandoning hopes of a post-Brexit trade deal with the EU, and the UK Government’s working assumption is that the UK and the EU will trade on World Trade Organization rules when the current transition period ends on December 31. Separately, the Financial Times has reported that the UK has given up hope of a trade deal with the US ahead of November’s US Presidential election.
However, the FTSE 100 index of the major London-listed stocks is little changed in early business Wednesday, EUR/GBP is only marginally higher and GBP/USD just a little lower.
GBP/USD PRICE CHART, ONE-HOUR TIMEFRAME (JULY 17-22, 2020)
Chart by IG (You can click on it for a larger image)
The latest moves in Sterling have come amidst broadly upbeat sentiment in the financial markets on expectations of a global economic recovery, a positive response to this week’s agreement on an EU recovery fund and optimism about a new round of stimulus measures in the US. However, the market response has been muted as coronavirus cases continue to rise.
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