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
Bullish
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Euro may pay the price for the EU’s stance on its digital sovereignty while the US Dollar eyes closely-scrutinized US fiscal stimulus talks.. Get your market update from @ZabelinDimitri here: https://t.co/Ga3DdHFNYR https://t.co/9jpieAjLnN
  • Join @ddubrovskyFX's #webinar at 12:15 AM ET/4:15 GMT for live data coverage of the #RBA rate decision here: https://t.co/iPXfmR9F5F https://t.co/xXaci3e9W9
  • The US Dollar slide extended against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah. Focus turns to the US jobs report, ASEAN GDP and the RBI. Get your market update from @ddubrovskyFX here:https://t.co/FLmFQCM0wl https://t.co/KDkCIbsULh
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.06% Oil - US Crude: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rANpmuh6nH
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.13% 🇨🇦CAD: 0.05% 🇬🇧GBP: 0.05% 🇪🇺EUR: 0.02% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2TJ4Efxjgj
  • See @ZabelinDimitri's take on geopolitical risks impacting markets in the week ahead here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/04/Euro-at-Risk-on-EU-Digital-Sovereignity-Stance-USD-Eyes-Stimulus-Talks.html
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.51%, while traders in US 500 are at opposite extremes with 78.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5UNq3x8wHZ
  • Last week, the #SP500 gained 1.74% This is despite a -0.23% shrink in the #Fed balance sheet #FAANG and tech stocks may have played a key role here as earnings smashed expectations Markets may be looking to US fiscal stimulus this week to keep momentum going https://t.co/x5Q0HjOGMU
  • 🇦🇺 Balance of Trade (JUN) Actual: A$8.202B Expected: A$8.8B Previous: A$7.341B https://www.dailyfx.com/economic-calendar#2020-08-04
  • 🇦🇺 Retail Sales MoM (JUN) Actual: 2.7% Expected: 2.4% Previous: 16.9% https://www.dailyfx.com/economic-calendar#2020-08-04
PM May Leadership in Crisis as Boris Johnson Quits; GBP Plunges

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

2018-07-09 14:40:00
Justin McQueen, Analyst
Share:

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

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.