British Pound (GBP/USD) Latest – Volatility on the Horizon?

Credit ratings agency Moody’s has changed its outlook for the UK from negative to stable and confirmed the countries’ Aaa3 rating

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The British Pound is little changed as traders open their books for the week with little macro news around to start a move. The situation in the Middle East remains unpredictable and very volatile, while the proposed Israel move into Gaza is seemingly still on hold. Market sentiment is risk-averse at the open and likely to stay that way ahead of a week packed full of potentially volatile releases and events.

UK government bond yields remain elevated ahead of next week’s BoE meeting with the 10-year benchmark eyeing a fresh re-test of levels last seen in August 2008. The daily chart shows a triple top formation for UK 10-year yields, a pattern that normally suggests that the market is set to turn lower.Cable remains stuck in a short-term range between 1.2089 and a prior horizontal high of around 1.2303.

IG Retail Trader data shows 69.28% of traders are net-long with the ratio of traders long to short at 2.26 to 1. The number of traders net-long is 0.86% higher than yesterday and 4.78% lower from last week, while the number of traders net-short is 1.22% higher than yesterday and 14.46% higher from last week.

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