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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • $NDX extends intraday losses as fears over rising yields continue to haunt high-flying equities
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.16% Gold: -1.47% Silver: -2.30% View the performance of all markets via
  • This smells like a head-and-shoulders pattern from the Nasdaq 100 ($NDX) but we don't see the same picture from the S&P 500, Dow or Russell 2000
  • Lot's of things down today, but know what isn't? Yup, longer-term #Treasury yields An average of the 10Y and 30Y having best day in about a week = portfolio rebalancing play still front and center Fed's Evans expressed little concern about yields
  • - Non-labor input costs rose moderately, particularly steel and lumber prices - Rising costs attributed to strong demand and supply chain issues - Several districts anticipate modest price increases over the next several months
  • - Commercial real estate continues to struggle, particularly offices, retail, and hotels - Low mortgage rates spurred additional demand for homes - Financial institutions reported lower loan volumes, along with lower delinquency rates and higher deposit levels
  • - Economic activity expanded modestly in most districts - Growth prospects still hampered by lingering virus fears -Hotel & leisure sectors still lagging, but showing signs of life
  • - Economic activity expanded modestly in most districts - Growth prospects still hampered by lingering virus fears -Hotel leisure sectors still lagging, but showing signs of life
  • Risk aversion continues to define markets Tech is being the hardest hit (no surprise given relative valuations) I'm looking at #FAANG index, very clear Head and Shoulders (bearish reversal warning) 200-day SMA sits below Learn more about H&S here -
GBP Soars on Brexit Boost by EU's Barnier

GBP Soars on Brexit Boost by EU's Barnier

Justin McQueen, Analyst

GBP Analysis and Talking Points

  • GBPUSD reclaims 1.30 on positive Brexit newsflow
  • GBPUSD at risk of further short squeeze with net shorts highest since May 2017

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

The Pound reclaims 1.30 amid a raft of positive Brexit commentary from EU Chief Negotiator Barnier, who stated that the EU are open to discussing other backstops for the Irish border, adding that they are ready to simplify checks. Reminder, this followed source reports earlier this week that Germany and the UK are said to drop key Brexit demands and seek less details with regard to post Brexit ties.

As has been mentioned previously, the reaction to these comments from Barnier emphasise that GBP is attractive on dips with the Pound more reactive to positive news, given that the markets have priced in bearish news. This has been highlighted in speculator positioning with GBP shorts at the highest since May 2017, suggesting that the attractiveness to chasing GBP lower has reduced.

GBP Soars on Brexit Boost by EU's Barnier

Demand for Protection Against GBP Declines Reduced

Within the option market, demand among investors for hedging against further declines in GBP has been redcuced, with 3-month 25 delta risk reversals pulling off recent lows. This has typically tracked the spot price and as such, suggests that GBP is due a bounce back. Of note, this metric also covers the Brexit deadlines in October and November.

GBP Soars on Brexit Boost by EU's Barnier

Source: Thomson Reuters

Additional Analysis on Sterling and Brexit

GBP: Sterling Building A Base on Brexit Progress – Nick Cawley, Market Analyst

GBPAUD Long: Re-priced No-Deal Brexit Risk, US-China Trade War Continues – Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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