GBP/USD Weekly Analysis (week of 20-24/07)

Expectations for United Kingdom Retail Sales are set for a continuation of decline with 8.0% while previous data was 12.0%, data will be released today at 6:00 AM.

Jul. 24, 2020

Pound rallies beyond 1.2804 for the first time in 4 months

(22:00) GMT

GBP/USD rallied 60 pips (0.48%) deep into the session trading at 1.2798.

Uptick comes while some more positive signs for Pound are out as United Kingdom Money Supply released earlier shows an improvement to -46 from the preceding data of -58, but falls short of the projected -38. United States Money Supply beats expectations of 1,300K with new data release of 1,416K. This is also a step forward from the previous data of 1,307K.

Despite this, other data released earlier might suggest a different path as Data for United States Natural Gas Storage was released Thursday 2:30 PM is better than expected with 37B, but worse than previous figure of 45B.

At the same time looking at other markets some moves suggest a different direction Euro/Pound is trading around 0.9105 (up 44 pips).

In the meantime, interesting moves noted when With no major change Pound/Yen is trading around 135.722.

Jul. 23, 2020

British Pound hits 1.2737, highest rate in 6 weeks and a half

(22:00) GMT

Hesitant but green: from an earlier low of 1.2733, GBP/USD up to 1.2735 gaining 6 pips compared to the 1.2729 start of the day (0.05%).

This in-between state for Pound is reflected by market data published as United Kingdom Money Supply released earlier shows an improvement to -46 from the preceding data of -58, but falls short of the projected -38. United States Home Sales released earlier shows an improvement to 4.72M from the preceding data of 3.91M, but falls short of the projected 4.78M. Down from preceding data of 1.748M, United States Seevol Cushing Storage Report is released with a new figure of 0.769M.

Meanwhile, mixed performance are seen elsewhere as Euro/Pound is trading around 0.9103 (up 62 pips). Pound/Yen is green with 0.27% up move (36 pips), to 136.078 levels.

Jul. 22, 2020

British Pound goes back up to Jun, 10 levels, reaching 1.2734

(22:00) GMT

With a daily low of 1.2729, GBP/USD holds at 1.273 after starting the day at 1.2722 and gaining 7 pips (0.06%).

This limbo state for Pound is reflected by market data published as United States Home Sales released earlier shows an improvement to 4.72M from the preceding data of 3.91M, but falls short of the projected 4.78M. Data for United Kingdom Public Sector Net Borrowing (Jun) was released Tuesday 6:00 AM is better than expected with 34.80B, but worse than previous figure of 44.47B. United Kingdom 30-Year Treasury Gilt Auction released Tuesday 10:45 AM with a figure of 0.683%, this is better from previous number of 0.668%.

Meanwhile, mixed performance are seen elsewhere as Pound/Yen is green with 1.43% up move (191 pips), to 136.364 levels. With no major change Euro/Pound is trading around 0.9087.


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Jul. 21, 2020

Pound rallies beyond 1.2728 for the first time in 5 weeks

(22:00) GMT

GBP/USD rallied 65 pips (0.52%) deep into the session trading at 1.2723.

Uptick comes while some more positive signs for Pound are out as United Kingdom 30-Year Treasury Gilt Auction released today at 10:45 AM with a figure of 0.683%, this is better from previous number of 0.668%.

Despite this, other data released earlier might suggest a different path as Data for United Kingdom Public Sector Net Borrowing (Jun) was released today at 6:00 AM is better than expected with 34.80B, but worse than previous figure of 44.47B. Data for United Kingdom Public Sector Net Cash Requirement (Jun) was released today at 6:00 AM suggests a downwards trend with 44.033B, while previous data was 71.436B.

A look at other markets shows behavior that usually indicate a green move for Pound as Pound/Yen gained 1.0% from 134.448 to 135.795 (134 pips). Euro/Pound drops to 0.9059 (31, pips).

Jul. 20, 2020

Pound goes back up to Jun, 10 levels, reaching 1.2658

(22:00) GMT

GBP/USD gains 96 pips and hovers at 1.2656 level.

Despite this, other data released earlier might suggest a different path as Down from preceding data of 0.145%, United States 3-Month Bill Auction is released with a new figure of 0.120%. Data for United States 6-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.130%, while previous data was 0.145%.

A look at other markets shows behavior that usually indicate a green move for Pound as Pound/Yen gained 0.92% from 134.471 to 135.71 (123 pips). Euro/Pound went down to 0.904 (58, pips).

Traders might want to keep an eye for a setback as Tomorrow at 6:00 AM data for Public Sector Net Borrowing (Jun) will be released, with an expected decline to 34.30B from the preceding figure of 54.50B.

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