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GBPUSD Update: Sterling Hammered by Trump on Brexit

GBPUSD Update: Sterling Hammered by Trump on Brexit

2018-07-13 09:15:00
Nick Cawley, Strategist
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GBPUSD Price, News and Analysis

  • Sterling roiled by US President Trump’s comments on Brexit.
  • GBPUSD also hit by a resurgent US dollar.

We have just released our Q3 Trading Forecasts for a wide range of Currencies and Commodities, including GBP and USD.

GBPUSD Battered by a US President Trump – Strong Greenback Double

The British Pound is under pressure on Friday the 13th after US President Donald Trump openly criticised the latest UK Brexit White Paper saying that it would kill off any UK/US trade deal as it would effectively mean that the US would be dealing with the EU not the UK. President Trump also said that Boris Johnson would make a good UK Prime Minister, a comment that will likely be bought up again at today’s working lunch with UK PM Theresa May. Former Foreign Secretary Johnson resigned this week over what he believes is a soft-Brexit White Paper and many believe that he will run for the top job if Theresa May’s position becomes untenable.

GBPUSD is also feeling the full force of a resurgent US dollar, with the greenback being driven higher by better-than-expected US inflation data Thursday. Recent strong US economic data makes another two 0.25% rate hikes this year nearly certain with another three increases expected in 2019. The interest-rate sensitive UST 2-year currently trades with a near-decade high yield of 2.595%.

GBPUSD currently trades around 1.31200 - its lowest level in 10 days - with the October 2017 low of 1.30272 clearly in sight. A clean break of this level would open the way to the August 2017 swing-low at 1.27738.

IG Sentiment Data show 66.4% of retail traders are net-longGBPUSD with the ratio of traders long to short at 1.97 to 1. Traders have remained net-long since Apr 20 when GBPUSD traded near 1.4131 with the price moving 7.1% lower since then.

GBPUSD Daily Price Chart (January – July 13, 2018)

GBPUSD Update: Sterling Hammered by Trump on Brexit

DailyFX has a vast amount of updated resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of Educational and Trading Guides

--- Written by Nick Cawley, Analyst

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

Follow Nick on Twitter @nickcawley1

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

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