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
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
GBP/USD
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
USD/JPY
Mixed
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.01% 🇬🇧GBP: -0.00% 🇦🇺AUD: -0.07% 🇨🇦CAD: -0.10% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bJhUPVJqTa
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.44% Wall Street: 0.43% US 500: 0.41% France 40: 0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/r4xNYs4vlg
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/rGRzQtgtOb
  • Missed my webinar? See the recording and a bullet point summary of the main topics discussed: - #WEF2020 - EU-US #Tradewar tensions - IMF World Economic Outlook unpacked - Key data to watch for the week ahead - Biggest risks facing the global economy https://www.dailyfx.com/forex/market_alert/2020/01/22/Japanese-Yen--Gold-Prices-May-Retreat-on-Davos-Forum.html
  • The Canadian Dollar and Australian Dollar outlook may favor the downside based on positioning signals. This is as USD/CAD faces the BoC while AUD/USD awaits Australia’s jobs report $USDCAD $AUDUSD #BoC - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/22/Canadian-Dollar-Australian-Dollar-Outlook-Positioning-Hints-Lower.html?CHID=9 https://t.co/lmdXFoEPIp
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/cEUZlD8FoF
  • The current astonishing price difference between #crudeoil and #naturalgas may tell us much less about global growth prospects than you might think. The US gas industry is well supplied with shale producers adding to the glut. https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/22/Crude-Oil-Natural-Gas-Prices-Part-Ways-What-Does-This-Mean-.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • My trading video for today: 'Dow, Emerging Markets and Yuan Hit by Coronavirus-Tinged Risk Aversion' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/22/Dow-Emerging-Markets-and-Yuan-Hit-by-Coronavirus-Tinged-Risk-Aversion.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/vihwKOdVr5
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: -0.29% Gold: -0.41% Oil - US Crude: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8kdO6Qqkow
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/C1voqDy4hc
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.