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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
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
Gold
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
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here: https://t.co/TUVnO3bO1P https://t.co/vBLkMKjf4x
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/n8vpmuLdTW
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/CZePv1JEFh
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/AVpY2GkGUG
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/IUii5478Jf
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears. .Get your market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/TCBkQdrMAR
  • RT @jposhaughnessy: BOOM! Mystery solved. https://t.co/njXlgejE0j
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/pH0HQmNX14
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/qxKvC8FAVd
  • The British Pound is eyeing a push to fresh yearly highs against the US Dollar. However, various technical setups suggest GBP could lose ground to JPY, EUR and NZD in the near term. Get your $GBP market update from @DanielGMoss here:https://t.co/NSUnZnPb4Q https://t.co/RuBAAWS37w
British Pound Rallies as UK PM May Confirms Hard Brexit

British Pound Rallies as UK PM May Confirms Hard Brexit

2017-01-17 13:20:00
Nick Cawley, Strategist
Share:

Talking Points

- The UK is leaving the Single Market but hopes for amicable divorce.

- PM May says that final Brexit deal will be put to both Houses of Parliament

- See the DailyFX Economic Calendar and see what live coverage for key event risk impacting FX markets is scheduled for the week on the DailyFX Webinar Calendar.

The British Pound pushed higher Tuesday as UK Prime Minister Theresa May said that the UK will leave the Single Market, leaving no doubts about a ‘hard’ Brexit ahead. In a prepared speech that had been seen before May spoke, the UK PM laid out her plans for Britain’s future post-Brexit, including new trade agreements, control over migration and the repatriation of powers back from Brussels. The PM also made it clear to the audience that 'no deal' would be better than a 'bad deal' for the UK and would also be against the European Union's self-interests. The final Brexit deal will also be put in front of both Houses of Parliament to vote on.

The government’s 12-point plan also included a promise of clarity on Brexit dealings wherever possible, although not a running update, while the UK “will pursue a bold and ambitious Free Trade Agreement with the European Union.” PM May also said that she wants to guarantee rights of EU citizens living in Britain and the rights of British Nationals in other member states “as early as we can.”

The speech was widely seen as a plan for a ‘hard’ Brexit and, counter to recent moves, drove GBPUSD higher and EURGBP lower as the markets now have a clear framework of the UK government’s plans. GBPUSD gained nearly two cents, rallying up to 1.2347 from a pre-speech level of 1.2160, while the EUR weakened against GBP, falling to 0.86680 from 0.87900.

Chart: GBPUSD 5-Minute Timeframe (January 6-17, 2017)

British Pound Rallies as UK PM May Confirms Hard Brexit

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Don't trade FX but want to learn more? Read the DailyFX Trading Guides

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

DISCLOSURES