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
Bearish
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
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
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • transmissibility is increasing — news flow hasn’t been kind over the weekend — should be an interesting globex open #CoronavirusOutbreak https://t.co/UZYoZOQZ7V
  • The #Euro may be preparing to turn lower against the Japanese Yen, resuming a two-year downtrend and setting the stage for a decent below the 111.00 figure. Get your market update from @IlyaSpivak here: https://t.co/jtjJ1H2eRi https://t.co/epncUWJTSo
  • The $JPY has faded into 2020 as market risk appetite has held up and hit demand for haven assets. USD/JPY now challenges a key medium-term downtrend, but hasn’t topped it yet. Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/bLWABxibOo
  • My pleasure! https://t.co/R7ArKNjCNO
  • The range in USD/CAD broke with aggression this week as CAD sellers pushed the currency after the Bank of Canada rate decision. Get your $USDCAD technical analysis from @JStanleyFX here: https://t.co/8oHoLLqvtR https://t.co/8ZXx6GbKAn
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here: https://t.co/CPmNJSgHXY https://t.co/RdM0cbyfSf
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here:https://t.co/Bup64Arva9 https://t.co/CpraRXneTJ
  • The British Pound may fall as #Brexit commences, but will the Bank of England cut rates? The US Dollar could rise if the Fed spooks markets with plans to unwind repo operations $GBPUSD #BoE #GBP #Sterling - https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/01/26/British-Pound-May-Yet-Fall-on-Brexit-BoE-and-Fed-Are-Risks.html?CHID=9&QPID=917702 https://t.co/v39NsmOCwa
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/5VQdkbIqTo
  • Last week was more of the same, a narrowing range following the UK general election fireworks; GBP/USD has a couple of clear signposts to keep an eye on. Get your $GBPUSD technical analysis from @PaulRobinsonFX here: https://t.co/3pJfj0w2AX https://t.co/Cm6zhnBSGR
GBPUSD Testing August 2017 Lows on No-Deal Brexit Fears

GBPUSD Testing August 2017 Lows on No-Deal Brexit Fears

2018-08-09 09:40:00
Martin Essex, MSTA, Analyst and Editor
Share:

GBP price, news and analysis:

  • GBPUSD continues to fall and could yet weaken further.
  • Technically, the August 23/24, 2017 lows at 1.2780 and 1.2774 are now possible targets.

Our trading forecasts for Q3 have been published; you can find the GBP guide here.

No-deal Brexit Fears hit British Pound

Increasing concerns that the UK could leave the EU in March 2019 without a deal are continuing to hit GBP, which is still suffering from comments by UK international trade secretary Liam Fox that the chances of a no-deal Brexit are now “60-40”.

Since the start of this month, GBPUSD has fallen from 1.3117 to below 1.29. Having broken below support from a triangle pattern on the charts, there is now little support for the pair ahead on the lows almost a year ago at 1.2780 and 1.2774. Retail trader sentiment data are also sending out a bearish signal.

GBPUSD Price Chart, Daily Timeframe (July 25, 2017 – August 9, 2018)

Latest GBPUSD price chart.

Chart by IG

Note though that the 14-day relative strength index is now just below the 30 level, suggesting the pair has been oversold and that hedging against a no-deal Brexit is likely to ease off in due course.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES

News & Analysis at your fingertips.