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
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
Wall Street
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
GBP/USD
Mixed
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
More View more
Real Time News
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇺🇸 MBA Mortgage Applications (23/OCT) Actual: 1.7 Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • $AUDUSD getting absolutely hammered at the moment, down over 0.5% since the London session opened Next key support level seems to come in at the 0.7070 mark with a break below carving a path for price to retest the monthly low (0.7020) $AUD #technicalanalysis https://t.co/9ynzvhSNK2
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.51%, while traders in NZD/USD are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PpTagTe3eM
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/OCT) due at 11:00 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: -0.56% Silver: -0.70% Oil - US Crude: -3.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Y9FMU0wUMo
  • 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/UvqOCYfxgX
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.20% 🇦🇺AUD: -0.34% 🇨🇭CHF: -0.35% 🇨🇦CAD: -0.42% 🇬🇧GBP: -0.50% 🇳🇿NZD: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZcpUZzcGyf
  • Sea of red in the equity space - Germany, France and Italy shed 3%+ @DailyFXTeam Prices via @IGcom https://t.co/v2VR9m7X3a
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -1.32% Wall Street: -1.62% FTSE 100: -1.62% France 40: -2.84% Germany 30: -2.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SA9Hgq3CSf
Sterling (GBP) Price Forecast: Supreme Court Ruling May Stem Latest Rally

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

2019-09-22 06:00:00
Nick Cawley, Strategist
Share:

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