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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
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
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/UncdNbcmXm
  • Pfizer and AstraZeneca vaccines are reportedly under accelerated UK reviews
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.27%, while traders in NZD/USD are at opposite extremes with 67.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BqQRr6AbEp
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/7DvvoE4tpz
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.41% Gold: 0.22% Oil - US Crude: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NgqT0tF7BZ
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.14% 🇯🇵JPY: 0.13% 🇦🇺AUD: 0.10% 🇳🇿NZD: 0.02% 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BthsDnzheC
  • 🇮🇹 Inflation Rate YoY Prel (OCT) Actual: -0.3% Expected: -0.4% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Inflation Rate YoY Flash (OCT) Actual: -0.3% Expected: -0.3% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Unemployment Rate (SEP) Actual: 8.3% Expected: 8.3% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2020-10-30
  • 💶 Core Inflation Rate YoY Flash (OCT) Actual: 0.2% Expected: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-10-30
GBP not off the Hook as Parliament Rejects Election, AUD May Gain

GBP not off the Hook as Parliament Rejects Election, AUD May Gain

2019-10-28 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

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

The British Pound was the best-performing major currency on Monday, with the Euro following closely behind it. Confidence in Europe's outlook amid the latest Brexit news lifted both United Kingdom and German front-end government bond yields. Early in the European session, reports crossed the wires that the EU agreed to grant a Brexit delay – also known as a “flextension” – until the end of January.

Gains in GBP accelerated heading into a vote in the UK Parliament on the Prime Minister’s motion of an early general election. If Boris Johnson won and then reached a majority, it might strengthen his hand in passing a deal. More worryingly, it might raise the prospects of a “no-deal” outcome if things go south. Speculation of opposition from the Labour Party may have cooled these fears. Indeed, Parliament rejected Johnson’s call.

Elsewhere, Wall Street had a rosy session as the S&P 500 remarkably managed to close at a record high. This is despite the presence of a slew of key US economic event risk due later this week such as local GDP data and the Fed rate decision. Prospects of a US-China trade deal seemed to carry much of the bulls. Earlier in the day, President Donald Trump said that “we are ahead of schedule” on signing a deal.

Tuesday’s Asia Pacific Trading Session

S&P 500 futures are pointing little higher heading into Tuesday’s Asia Pacific trading session. This may result in further weakness in the anti-risk Japanese Yen from Monday. The sentiment-linked Australian and New Zealand Dollars may find strength on the other hand. AUD/USD does have a speech from RBA Governor Philip Lowe to await, though that will cross the wires closer towards European hours at 6:45 GMT.

British Pound Technical Analysis

GBP/USD near-term support held as prices turned narrowly higher above the psychological barrier between 1.2773 and 1.2798. But, there is still the risk of further declines due to the Bearish Harami candlestick pattern that helped initiate the top from 1.3000. Resumption of weakness places the focus on 1.2773 which if taken out, opens the door to extending declines. A close above 1.3 overturns the bearish candlestick formation.

Chart of the Day – GBP/USD Daily

GBP not off the Hook as Parliament Rejects Election, AUD May Gain

Chart Created Using TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, 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