We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your update on #CLO market from @ZabelinDimitri here: https://t.co/KfjjtaXs7b https://t.co/n0SdhfHzJA
  • RT @Tony_Nyman: Morgan Stanley #FX trades of the week Buy NZD/CAD at market for 0.8800. Stop 0.8220 Sell THB/KRW at market for 37.0. Stop 3…
  • UK General Election - majority odds...h/t @Oddschecker #gbp #sterling @DailyFX https://t.co/lc6an3ErVW
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.57%, while traders in France 40 are at opposite extremes with 84.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lCP80FZFD8
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.14% Gold: -0.53% Silver: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EGNbk1OlkQ
  • RT @TradeFloorAudio: UK Bookmaker Paddy Power cuts the odds of a Conservative Party majority at upcoming #GE2019 from 4/7 to 4/9 .... It ha…
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.41% 🇳🇿NZD: 0.12% 🇪🇺EUR: 0.09% 🇨🇭CHF: -0.02% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0Z5fYqqkex
  • LIVE NOW: Join Market Analyst @DavidCottleFX for a look ahead at the major economic data which will drive Asia Pacific markets in the coming seven days. Register here: https://www.dailyfx.com/webinars/985612483?CHID=9&QPID=917720
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.19% US 500: 0.17% Germany 30: 0.11% France 40: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GLPREk9GG5
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/BCtPSUCBO9
GBP/USD Gains, UK Parliament Forces Votes on Brexit Alternatives

GBP/USD Gains, UK Parliament Forces Votes on Brexit Alternatives

2019-03-25 23:30:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

  • British Pound gains as the UK Parliament forces votes on alternatives to Brexit
  • GBP/USD dominant uptrend still holds but has been oscillating as of late
  • Recession fears may still linger, offering upside potential for Japanese Yen

Find out what the #1 mistake that traders make is and how you can fix it!

GBP/USD Rallies, UK Parliament Forces Votes for Alternatives to Brexit Deal

The British Pound, which is expected to be the most active major, is off to a strong start in early Tuesday trade having just underperformed over the past 24 hours. A lot of what’s been keeping Sterling under pressure is the ongoing Brexit saga. Earlier in the day, UK Prime Minister Theresa May noted that she didn’t quite yet have the support to take her divorce deal back to Parliament for a third round.

GBP/USD then rose as the House of Commons passed a vote by 329 to 302 to seize control from Ms May over the Brexit process. It is forcing votes for alternatives to a Brexit deal which includes options such as avoiding it altogether or a second referendum. Last week, the EU agreed to allow only a brief Brexit extension until April 12 should May’s deal fail to pass in Parliament this week.

GBP/USD Technical Analysis

Taking a broader look at GBP/USD, the pair has largely been oscillating between a range of support (1.2952 – 1.3012) and a range of resistance (1.3301 – 1.3363) since late February. The dominant uptrend from December remains intact though, held together by a rising trend line from the end of last year. A near-term descending resistance line does appear to be guiding the pair lower towards 1.3012.

GBP/USD Daily Chart

GBP/USD Gains, UK Parliament Forces Votes on Brexit Alternatives

Chart Created in TradingView

Tuesday’s Asia Pacific Trading Session

The anti-risk Japanese Yen is aiming narrowly lower against its major counterparts ahead of Tokyo stock exchange market open amidst the latest Brexit headlines. But, it is unclear at this point if market mood can significantly improve after Wall Street narrowly closed lower on Monday following increasing concerns about a recession on the horizon.

Tuesday’s Asia Pacific trading session lacks critical economic event risk, placing the emphasis on sentiment. US government bond yields continued tumbling in the prior session, likely reflecting a flight to safety as anti-fiat gold prices gained. As such, continued deterioration in market mood may once again offer a lift for the Japanese Yen.

US Trading Session Economic Events

GBP/USD Gains, UK Parliament Forces Votes on Brexit Alternatives

Asia Pacific Trading Session Economic Events

GBP/USD Gains, UK Parliament Forces Votes on Brexit Alternatives

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.