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
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
More View more
Real Time News
  • 🇨🇳 Industrial Profits (YTD) YoY (JUN) Actual: 66.9% Previous: 83.4% https://www.dailyfx.com/economic-calendar#2021-07-27
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/pjMQlUKAq7
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (JUN) due at 01:30 GMT (15min) Previous: 83.4% https://www.dailyfx.com/economic-calendar#2021-07-27
  • Nasdaq 100 at Record High as Tesla Earnings Beat, Will Hang Seng Rebound? https://www.dailyfx.com/forex/market_alert/2021/07/27/Nasdaq-100-at-Record-High-as-Tesla-Earnings-Beat-Will-Hang-Seng-Rebound.html https://t.co/RKIZk3JM5N
  • Please join @FxWestwater at 22:00 EST/2:00 GMT for a webinar on preparing to trade commodities markets in the week ahead. Register here: https://t.co/qTOa61aMmN https://t.co/gsJWRtnAMe
  • The Nasdaq 100 index climbed 0.09% to a record high, lifted by large-cap stocks such as Tesla (+2.21%), Alphabet (+1.33%) and Amazon (+1.18%). https://t.co/R4JvuR31sx
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/HPA1Fj43Lc
  • RT @BrendanFaganFx: IBEX 35 Analysis: Rally Continues Despite Virus Fears, Focus Shifts to Fed Link: https://www.dailyfx.com/forex/market_alert/2021/07/27/IBEX-35-Analysis-Rally-Continues-Despite-Virus-Fears-Focus-Shifts-to-Fed.html https://t.co/…
  • RT @FxWestwater: Asia AM - Australian Dollar Forecast: $AUDUSD May Rise on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/07/26/Australian-Dollar-Forecast-AUDUSD-May-Rise-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:…
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/c36fpKL4nN
Sterling (GBP) Price Forecast: Supreme Court Ruling May Stem Latest Rally

Sterling (GBP) Price Forecast: Supreme Court Ruling May Stem Latest Rally

Nick Cawley, Strategist

Q3 2019 GBP Forecasts and Top Trading Opportunities

Sterling Price Fundamental Forecast: Neutral

Sterling has been slowly moving higher against a range of currencies over the last two weeks as traders continue to price out a no-deal Brexit on October 31. While Sterling may continue to move slowly higher, negative Brexit news will send the British Pound tumbling again. As such the sidelines remain the best place to watch Brexit play out for now.

Next week the Brexit story may well take a new direction if the UK Supreme Court rule that Boris Johnson’s shuttering of Parliament was illegal. If Boris Johnson’s is ruled illegal, then he will be ordered to re-open Parliament immediately, which would signal yet another defeat for the UK’s beleaguered PM. If the Court rules in Johnson’s favor, then the Remain opposition will have little time left to stop the UK potentially leaving the EU without a deal.

Dialogue between the two sides continues daily and UK PM Johnson will meet with various EU officials next week to continue his push for a deal. European Commission President Jean-Claude Juncker recently said thathe had no "emotional relationship" with the Irish backstop, adding that "If the objectives are met - all of them - then we don't need the backstop."The slight change in tone from the EU was picked up as a positive by Sterling traders, pushing GBP higher across the board, before gains were pared.

This week, the Bank of England MPC left all policy measures unchanged as expected due to the Brexit backdrop. A day earlier, the latest UK inflation release showed price pressures easing in August, which when coupled with recent average wage growth leaves the UK consumer with higher real wages. The BoE will be watching the jobs and wages market closely for signs of a pick-up in domestic inflation in the months ahead.

Economic Calendar

Next week the UK data calendar is empty, leaving Sterling at the whim of any Brexit news or rumors. The recent CoT report showed that traders remain heavily short of GBP and the recent move higher will put pressure on Sterling shorts.

GBPUSD Price Daily Chart (February – September 20, 2019)

GBPUSD Daily Price Chart

Brexit Glossary: Brexit Jargon and Terms Explained

The IG Client Sentiment Indicator shows retail traders are 63.0% net-long, a bearish contrarian bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES