GBP Weekly Review (Feb. 24 – 28)

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Mixed performance for the British pound this week as global risk aversion sentiment continue to dominate currency trading behavior.

The Coronavirus story had Sterling pulling back against the safe havens, while managing to squeeze out a small win against the comdoll currencies.

Overlay of GBP Pairs: 1-Hour Forex Chart
Overlay of GBP Pairs: 1-Hour Forex Chart
GBP Weekly Performance from MarketMilk
GBP Weekly Performance from MarketMilk

United Kingdom Headlines and Economic data


  • PM on Brexit collision course with France over ‘blackmail’ claim, as furious Priti Patel demands leak inquiry amid bullying allegations
  • Coronavirus cases outside China surge, prompting traders to start traders the new week in fear mode and really staying that way through Friday.  Sterling tends to fall against the majors in this type of environment, with exception to the comdolls, which are considered more “risk-on” currencies than the British pound.


  • BoE’s Haldane sees ‘stirring in the undergrowth’ on UK business investment
  • U.K. Retailers investment intentions rebound but sales are flat
  • EU foresees ‘very hard’ talks with UK on future ties, warns on Irish border
  • The positive economic updates on the session from the U.K. were enough to give Sterling broad gains in a continued global risk aversion environment, one that intensified as more cases were confirmed outside of China in Iran, South Korea and Italy.


  • U.K. BRC shop price index down 0.6% y/y in Feb after previous 0.3% dip
  • UK can’t have EU market access without fair competition guarantees: Barnier
  • New coronavirus cases outside China exceeded those in China for the first time, WHO says


  • Central banks cannot offset coronavirus supply shock – BoE’s Cunliffe
  • Britain, on trade collision course with EU, says it could walk away – The U.K. released their negotiating mandate that reaffirmed their willingness to trade on a no-deal basis, which was likely the catalyst for the pound’s broad move lower during the European trading session.
  • Brexit talks will be tough, short, but agreement possible – Barnier
  • No need to reach for policy ‘panic button’, BoE’s Cunliffe says
  • CDC confirms first US coronavirus case of ‘unknown’ origin; California monitors over 8,000
  Before the Fed decision, markets may become more cautious


  • UK Consumer Confidence improves by two points to -7 for February 2020
  • UK Annual house price growth edges up to 2.3%, the strongest rate for 18 months
  • WHO raises global risk from ‘high’ to ‘very high’
  • Mexico among 8 more countries to report first confirmed coronavirus cases

TABLE OF CONTENTS (click the following links and read again).

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