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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/zvDlQ5fmb5
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Gold: -0.58% Silver: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Pcqr2Vk3gY
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.75% 🇦🇺AUD: 0.35% 🇨🇦CAD: 0.22% 🇪🇺EUR: 0.04% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZAtTsinpiv
  • SPDR Gold Trust (GLD) - the world's largest gold ETF - has seen accelerated redemptions in recent weeks alongside falling bullion prices. Covid-19 vaccine breakthroughs may have contributed most to gold's fallout as stimulus hopes fade. https://t.co/iv1w40Z3Qg
  • RBA Deputy Governor Debelle says asset prices being underpinned from low rates - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.41%, while traders in NZD/USD are at opposite extremes with 74.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YRG793NLnA
  • Update on #Cryptocurrencies #BITCOIN -0.08% #BITCOINCASH +7.05% #ETHEREUM +1.20% #RIPPLE +5.90% #LITECOIN +1.83%
  • RBA Deputy Governor Debelle says yield curve rates have dragged on Australian Dollar $AUDUSD
  • Do you know the difference between investing and trading? Because while the goal might seem the same, they're very different things .Learn more here. https://t.co/fG6fNEPj9q https://t.co/A9kstu4ksh
  • Will the #RBNZ get housing prices added to its remit? What does this mean for the new Zealand Dollar ahead? #NZD $NZDUSD $AUDNZD Check out my market alert here - https://www.dailyfx.com/forex/market_alert/2020/11/24/New-Zealand-Dollar-Outlook-Will-RBNZ-See-Housing-Prices-Added-to-Remit.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gKRRUNEz5k
GBPUSD Price at Risk of Break Lower on Brexit Splits, Firm Dollar

GBPUSD Price at Risk of Break Lower on Brexit Splits, Firm Dollar

2018-09-27 11:00:00
Martin Essex, MSTA, Analyst
Share:

GBPUSD price, news and analysis:

  • Brexit splits among members of the UK Cabinet, alongside a modestly firmer US Dollar, could endanger the past month’s advance in GBPUSD.
  • Technically, the pair is now sitting on trendline support; losses are likely if it breaks.

Check out the IG Client Sentiment data to help you trade profitably.

GBPUSD facing possible correction lower

After advancing steadily since the middle of last month, factors are conspiring to undermine the GBPUSD price.

The Times newspaper reported Thursday that UK Prime Minister Theresa May is losing the support of her Cabinet for a no-deal Brexit if the European Union again rejects her “Chequers” proposals for an agreement next month.

In addition, the US Dollar is modestly firmer in the wake of Wednesday’s decision by the Federal Reserve to increase US interest rates by a quarter of a percentage point, as expected. Together, these factors are outweighing any optimism about a possible US-UK trade deal after a meeting between May and US President Donald Trump.

GBPUSD Price Chart, Daily Timeframe (May 30 – September 27, 2018)

Latest GBPUSD price chart.

Chart by IG

Meanwhile, as the GBPUSD chart above shows, the pair is now sitting on trendline support and any break below it would be a negative technical signal. However, the downside is also protected by the 100-day moving average at 1.3090 and the 20-day moving average at 1.3076 before the September 21-24 lows between 1.3054 and 1.3063 will come into focus.

If, on the other hand, the trendline support holds, a move back towards the middle of the upward sloping channel around 1.33 is possible.

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:

--- 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