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.

Free Trading Guides
EUR/USD
Bullish
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
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in France 40 are at opposite extremes with 77.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/WRvoC9eQeA
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.18% Silver: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0mbfzT4GW5
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.24% 🇦🇺AUD: 0.10% 🇯🇵JPY: 0.08% 🇨🇦CAD: -0.02% 🇨🇭CHF: -0.03% 🇬🇧GBP: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EzqdVsVDhC
  • Why is #oil price sentiment so negative? What are the key terms you need to understand as an oil market trader? Find out from Shin Kim of S&Ps Global Platts only on Trading Global Markets Decoded #podcast here: https://t.co/EHouRRvky9 #OOTT https://t.co/y0bjKic0mY
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.13% US 500: -0.15% Germany 30: -0.37% France 40: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VAwYUZfkWK
  • Crude Oil Prices May Fall as Markets Weigh Weekend Headline Risk - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/10/18/Crude-Oil-Prices-May-Fall-as-Markets-Weigh-Weekend-Headline-Risk.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #OOTT
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/DBuSOfIhQY
  • US Dollar Forecast: USD/MYR Reversal as USD/PHP Tests 2013 Support #USD $USDMYR $USDPHP - https://www.dailyfx.com/forex/technical/article/special_report/2019/10/18/US-Dollar-Forecast-USDMYR-Reversal-as-USDPHP-Tests-2013-Support.html?CHID=9&QPID=917702 https://t.co/VfFPJhPX31
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/aqWMzoZRrk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.68%, while traders in France 40 are at opposite extremes with 80.94%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CFFN6tgMXb
GBPUSD Looking to Burst Support on Negative Brexit Talk

GBPUSD Looking to Burst Support on Negative Brexit Talk

2018-08-06 08:00:00
Nick Cawley, Analyst
Share:

Sterling Prices, News and Analysis

  • Sellers remain in charge as Brexit talks turn negative.
  • Support under pressure and looks likely to crack.

IG Client Sentimentshows retail are 72% net-long GBPUSD, a bearish contrarian indicator. See how this indicator can help your decision making.

GBPUSD Struggling as Important Support Nears

GBPUSD is struggling to hold the current lowly levels and may break even further lower as the British Pound weakens on negative Brexit news while the US dollar remains firm on higher interest rate expectations. Over the weekend, UK international trade secretary Liam Fox said that there is now a 60-40 chance of a no-deal Brexit, saying “the intransigence of the EU Commission is pushing us towards a no-deal”. This latest caution follows a warning from Bank of England governor Mark Carney last Friday who said that the risk of a no-deal Brexit was uncomfortably high. Late Thursday the BoE raised interest rates by 0.25%, initially boosting Sterling, but the rally was short-lived as the central bank pushed back expectations of the next hike. Ahead this week the calendar is relatively clear until we get the preliminary UK Q2 GDP reading on Friday at 08:30 GMT.

GBPUSD is caught between two notable levels and is likely to break lower. The pair is stuck between the November 2017 double-low at 1.30430 and the July 19 near one-year low at 1.29720. Below here, the August 2017 swing low at 1.27738 should provide strong support in the short- to medium-term. On the upside, a break above 1.30420 will bring into play the 20-day moving average at 1.31040 and the 50-day ma at 1.31888. The RSI indicator is nearing oversold territory but as witnessed between the end of April and the end of May it can stay lowly for some time.

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

GBPUSD Daily Price Chart (February 2017 – August 6, 2018)

GBPUSD Looking to Burst Support on Negative Brexit Talk

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.

DISCLOSURES

News & Analysis at your fingertips.