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
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
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here: https://t.co/1ZR5OCfY3u https://t.co/NMiJrp6wmP
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtoQJgE https://t.co/RT9Z4K8xCy
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAE9BIq https://t.co/xXJAnSMoaF
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrLeetw https://t.co/1w7E3aiWV1
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmI7kAV https://t.co/JiZPRZzwgo
  • RT @IGSquawk: Crypto update: #Bitcoin 56398.30 -7.34% #Ether 2213.91 -7.42% #BitcoinCash 925.49 -12.24% #EOS 6.8039 -15.98% #Stellar 0.5276…
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/rJUm1W9wrc
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/oZPoyPH2iw
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yN1I9FrfIS
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/5l3O9aHQbL https://t.co/DFEfCIl7zF
PM May Leadership in Crisis as Boris Johnson Quits; GBP Plunges

PM May Leadership in Crisis as Boris Johnson Quits; GBP Plunges

Justin McQueen, Analyst

GBPUSD Analysis and News

  • Initial GBP Gains Pared as Both Brexit and Foreign Minister Quit
  • Resignation Increases Risk of a “No Deal”

See our latest Q3 FX forecast to learn what will drive the currency through the quarter.

See how retail traders are positioning in GBPUSD as well as other major FX pairs on an intraday basis using the DailyFX speculative positioning data on the sentiment page.

GBP Gains Pared as Both Brexit and Foreign Minister Quit

On Friday, PM May’s “soft” Brexit plan had been agreed among cabinet ministers at the Chequers meeting. The plan for the new UK-EU free trade area involves the UK having a customs regime around the bloc’s rules and implement identical regulations for certain sectors. The notion that PM May is looking for a soft Brexit kept GBP elevated for much of the morning.

However, with hard line Brexiteers David Davies and most notably Boris Johnson resigning in the wake of the soft Brexit proposal, this raises the risk of a “no deal”. Subsequently, this has erased the gains in the Pound with more losses potentially on the horizon as PM May’s Leadership is under renewed pressure, which could see her ousted. Additionally, this will also cast doubts on PM May’s plan and the ability for the UK to reach a deal by the October EU meeting. The clear divide within in the Tory party suggests that political uncertainty continues to keep the Pound pressured and will likely lead to increased volatility in the Pound in the short term. The Question among investors will be, who is next to leave?

GBP/USD PRICE CHART: 5-MINUTE TIME FRAME (July 8-July 9)

PM May Leadership in Crisis as Boris Johnson Quits; GBP Plunges

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES