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British Pound Technical Analysis – Trends and Reversals: GBP/AUD, GBP/NZD, GBP/CAD
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British Pound Technical Analysis: GBP/JPY, GBP/USD, EUR/GBP Rates Outlook
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British Pound Technical Analysis: GBP/USD, GBP/AUD, GBP/CAD, GBP/NZD
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British Pound Technical Analysis: GBP/JPY, GBP/USD, EUR/GBP Rates Outlook
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British Pound Outlook:
The British Pound has been hampered by the latest surge in COVID-19 delta variant infections, which have traders on edge that more lockdowns are possible.
Both GBP/JPY and GBP/USD have rebounded from critical technical support, suggesting that further losses may be contained.
Recent changes in retail trader positioning suggest a mostly mixed bias for the British Pound.
Dead Cat Bounce or Second Life?
‘Freedom Day’ has come and gone for this week, but markets don’t appear to be convinced that this marked the ‘beginning of the end’ of the pandemic for the UK. With delta variant caseloads surging in recent weeks, the British Pound has been hampered relative to its major counterparts as traders are on edge that re-opening measures could be reversed.
British Pound Technical Analysis: GBP/AUD, GBP/CAD, GBP/NZD Rates
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The Sterling-commodity currency crosses remain rangebound, as they have for many months now.
GBP/AUD rates remain the most interesting of the three GBP-crosses reviewed in this report, continuing to linger below multi-decade trendline resistance.
According to the IG Client Sentiment Index, the British Pound has a mixed bias.
Range Trading Persists
More rangebound price action in the British Pound may not be a surprise given recent price developments. Weakness by the Sterling has been met by an environment defined by weaker commodity prices, which has handicapped the commodity currency trio duly. As measures of volatility die out heading into the summer months, it may be the case that these GBP-crosses remain rangebound for the foreseeable future.