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
GBP/USD
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
More View more
Real Time News
  • $USDJPY has spanned its full, tight range. The has slightly broadened its smallest 30-day trading range (as a ratio of spot) on record. Serious breakout candidate should a firm risk or Fed rate speculation wind come through https://t.co/XyajC1dAee
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC https://t.co/uHAmcRFNlG
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/HFl8E8exht
  • Credit Suisse dumped Evergrande exposure on risk fears - FT
  • RT @onlyyoontv: #China central bank declares #virtualcurrency-related business activities as illegal. No legal tender/crypto exchange; exch…
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/2wzX4dacYJ
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSzVO22 https://t.co/HiE4d0KG1Q
EU Brexit Draft Rejected by UK's Theresa May, Pound Falters

EU Brexit Draft Rejected by UK's Theresa May, Pound Falters

Peter Hanks, Strategist

Talking Points:

  • The EU’s proposed draft contained significant detail regarding how it wanted the withdraw to occur
  • Key points regarding the UK’s land border with Ireland made the deal unacceptable for May
  • GBP fell against both USD and EUR through Wednesday trading
  • May is set to deliver her own plans for the withdrawal in a speech on Friday

Learn the number one mistake traders make when trading. Download our Traits of Successful Traders Guide in the Beginner section of the DailyFX Trading Guides page.

The European Union proposed a Brexit draft containing significant detail for the withdrawal of the United Kingdom in the coming months. The draft, outlined in 120 pages, was ultimately rejected by British Prime Minister Theresa May however, leading to an abrupt tumble from the Pound. The draft was rejected by May primarily over passages regarding the land border between Northern Ireland and the UK. The bill proposed Northern Ireland would effectively remain in the EU, creating a hard border between Britain and Northern Ireland.

“The draft legal text the commission have published would, if implemented, undermine the UK common market and threaten the constitutional integrity of the UK by creating a customs and regulatory border down the Irish Sea, and no UK prime minster could ever agree to it,” May said.

Although the draft proposed by the EU was swiftly rejected, negotiations will continue. European Chief Negotiator for the the EU, Michael Barnier, said that the document will be circulated among the 27 other EU nations and the European Parliament’s Brexit steering group for revision and agreement before it is sent to the negotiation table. Theresa May said UK negotiators will work with the EU to translate talks from December into legal form. The focus now shifts to Friday when Theresa May is set to deliver a speech outlining her government’s plans for Brexit, a closely watched position given the recent reports of infighting over the country’s position in the negotiations.

With relations between the two parties growing more strained than they already were, the Pound sank approximately 130 pips relative to the Dollar and 90 pips versuso the Euro. Friday’s next public update on the state of the negotiations amid such tension – and with the clock counting down until the Article 50 period closes – can render another strong shove to the Sterling. If the counter proposal is deemed equally unacceptable by their EU counterparts, the effects on currency seen today will likely be echoed on Friday.

EU Brexit Draft Rejected by UK's Theresa May, Pound Falters

GBP/USD Chart from Trading View

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

DISCLOSURES