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
Mixed
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
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
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
  • #Dow Jones stages impressive recovery on a firm NFP report. #FTSE 100 eyes UK general election. Get your equities technical analysis from @JMcQueenFX here: https://t.co/o28UcG6N3l https://t.co/SwGAaFCFND
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
Brexit Vote: PM May's Bill Defeated 432-202; GBP Sharply Off Lows

Brexit Vote: PM May's Bill Defeated 432-202; GBP Sharply Off Lows

2019-01-15 19:46:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:

Talking Points:

- UK PM Theresa May's EU-UK Brexit bill was handily rejected by UK parliament, losing 432-202.

- After hitting an intraday high of 1.2915 earlier, GBP/USD touched as low as 1.2669 following the vote results. Soon after, the pair was back at 1.2829.

- Retail traders have started to increase long British Pound positions.

See Q1’19 forecasts for the US Dollar, Euro, British Pound and more with the DailyFX Trading Guides

UK Prime Minister Theresa May's bill was downed in a historic fashion today, losing 432-202, a 230-vote margn. This was the worst-ever defeat for a sitting government, eclipsing the 1924 defeat Ramsay Macdonald suffered by 166-votes. After sliding all day, the British Pound has started to reverse its losses as the dust settles.

No-Confidence Vote Coming Tomorrow

Now that the vote has failed in parliament, the opposition Labour party will bring forward a no-confidence vote on Wednesday, January 16. According to the PM's spokesman, the confidence debate will begin at 8 EST/13 GMT. But in the wake of the historic vote, the Northern Ireland DUP party – the Tory party’s coalition partner – has already said that it will back May's Tory government. It would appear that neither DUP nor Tories want another election.

That UK PM May is staying on and looks positioned to win a no-confidence vote brought forward by Labour suggests that a soft Brexit can still be achieved – and May's deal will have to be at the core of the solution. Assuming a no-confidence vote is overcome, May has pledged to reach across the aisle to find more common ground in order to wrangle the votes for her deal to pass. Ultimately, we should expect May back on a plane to Brussels in near-future for more concessions from the EU.

GBP/USD Index Price Chart: 5-minute Timeframe (January 15, 2019 Intraday)

Brexit Vote: PM May's Bill Defeated 432-202; GBP Sharply Off Lows

Following the Brexit vote result, the British Pound initially touched fresh intraday lows at 1.2669 versus the US Dollar. But amid UK PM May saying that she would stand – and weather – a no-confidence vote, markets seem to be unwinding earlier bets (fears) that a ‘hard Brexit’ (no deal) scenario would result. As we head into the final hours of the trading day on Tuesday, bullish reversal hammer candlestick patterns were prevalent in GBP/CHF, GBP/JPY, and GBP/USD, while EUR/GBP was seeing a bearish reversal shooting star develop. At the time this report was written, GBP/USD was trading at 1.2829.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX

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

DISCLOSURES

News & Analysis at your fingertips.