News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.71% 🇦🇺AUD: 0.53% 🇨🇭CHF: 0.35% 🇬🇧GBP: 0.19% 🇪🇺EUR: 0.11% 🇯🇵JPY: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/o4Bg5hW0tn
  • #Oil Technical Forecast: Oil Eight-Week Rally Vulnerable- $WTI Levels ($USOil) - https://t.co/32p8cbyZVr https://t.co/PPWB11MbRh
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.45% US 500: 0.40% France 40: 0.01% Germany 30: 0.00% FTSE 100: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/brXwszjzBv
  • RT @jason_donner: Pelosi on if a framework can be reached by end of week: “Let’s see…we have met every milestone along the way in our timet…
  • RT @breakingmkts: *PAYPAL SAID TO EXPLORE PURCHASE OF SOCIAL MEDIA FIRM PINTEREST $PYPL $PINS
  • Wondering if $MS will drop its fire and ice scenario at some point or continue to call for a major pullback in stocks? #trading $SPX $DJI $RUT
  • Risk appetite is on the hunt for record highs to start the New York session with Bitcoin hitting the mark at $66,000 and the S&P 500 within easy reach of 4,545. DailyFX's @JohnKickligther discusses what is ahead today! https://t.co/HRDercEcMU
  • $DJIA about to hit its all time high https://t.co/dX26Ib4Bbc
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.68% 🇦🇺AUD: 0.49% 🇨🇦CAD: 0.36% 🇬🇧GBP: 0.15% 🇪🇺EUR: 0.11% 🇯🇵JPY: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JfRnr21NMZ
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.59% Wall Street: 0.43% US 500: 0.39% FTSE 100: 0.08% Germany 30: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nCnqh3uZfw
GBP/USD Climbs to Resistance, UK Parliament Blocks No Deal Brexit

GBP/USD Climbs to Resistance, UK Parliament Blocks No Deal Brexit

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • GBP/USD climbs, the UK Parliament backs bill to block ‘no-deal’ Brexit
  • Canadian Dollar fell alongside a decline in crude oil prices, AUD/USD up
  • FX markets look to risk trends in Thursday’s Asia Pacific trading session

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

GBP/USD Climbs as UK Parliament Blocks No Deal Brexit

The British Pound firmed in early Thursday trade after the UK parliament voted and passed a bill to block a ‘no-deal’ Brexit. The measure, which passed by just one vote, seeks to push back the already-extended April 12th divorce deadline should the government fail to secure a withdrawal agreement. This does mean that UK Prime Minister Theresa May will have to head back to the European Union to discuss it.

Earlier in the day, Sterling was trading sideways as Ms May reportedly had ‘constructive’ talks with opposition leader Jeremy Corbyn. The currency initially rallied on prospects of coordination between the two. From here, the bill heads to the House of Lords where it must be approved there. Newswires suggest that it will be voted on later today.

GBP/USD Technical Analysis

There wasn’t enough upside momentum from the Brexit developments to help GBP/USD clear near-term descending resistance on the chart below. It is however approaching the outer boundary of the psychological area. A breakout to the upside would open the door to testing 1.3301 thereafter. A turn lower on the other hand exposes support just above 1.3012.

GBP/USD Daily Chart

GBP/USD Climbs to Resistance, UK Parliament Blocks No Deal Brexit

Chart Created in TradingView

In other news, the pro-risk Australian Dollar was the best-performing major on Wednesday. This is largely owing to developments earlier in the day which included rosy domestic economic data and welcoming progress in the US-China trade talks. Risk appetite generally swelled throughout the day, working against the Japanese Yen. This did diminish later on as the S&P 500 trimmed some of its gains.

The Canadian Dollar underperformed, falling with a decline in crude oil prices that picked up pace during the European trading session. Then, US weekly oil inventories increased by the most since the middle of January, pressuring the commodity further.

Thursday’s Asia Pacific Trading Session

On Thursday, the economic calendar docket during the Asia trading session is notably thin. This places the focus for currencies on sentiment. S&P 500 futures are now little changed, hinting that upside momentum in equities could take a pause for the time being. As always, keep a close eye out for US-China trade talk updates. You may follow our team twitter handle here @DailyFXTeam for more timely updates.

US Trading Session Economic Events

GBP/USD Climbs to Resistance, UK Parliament Blocks No Deal Brexit

Asia Pacific Trading Session Economic Events

GBP/USD Climbs to Resistance, UK Parliament Blocks No Deal Brexit

** 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