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  • Heads Up:🇷🇺 CBR Press Conference due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-23
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UK Week Ahead: Brexit Talk Remains Key  | Webinar

UK Week Ahead: Brexit Talk Remains Key | Webinar

2018-10-08 12:08:00
Nick Cawley, Strategist
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  • Brexit talks have taken a positive shift – will it last?
  • UK GDP on Wednesday dominates the economic calendar.

The Brand New DailyFX Fourth Quarter Forecasts include a fresh look at GBP.

IG Sentiment Datashow of traders are 62.7% net-long of GBPUSD, normally a bearish contrarian indicator. However recent daily and weekly sentiment shifts give us a mixed outlook for the pair.

Brexit News Flow Will Steer Sterling

As we head into the EU Summit next week – October 17-18 – Brexit negotiators from both sides will be fully focused on breaking the current deadlock and getting a deal on the table. Although a formal agreement is not expected this week, or next, both sides will be looking to nail down a draft agreement that can be built upon in the near-future. Against this backdrop – and talks may still stall – Sterling traders need to watch newswires closely for any updates or thoughts from both sides of the table.

Sterling seemingly remains underpinned at current levels – all things being equal – and opportunities may arise to buy dips in this ongoing, gentle uptrend. The British Pound may find difficulty making too much headway against a strong US dollar, but other pairs may be worth analyzing for Sterling bulls. Any set-backs in either GBP/AUD or GBP/NZD would be worth close consideration as both charts remain technically Sterling positive. Both pairs however are not worth chasing as other, clearer, opportunities are likely to arise soon.

On the economic calendar, UK 3m/3m GDP on Wednesday is likely to show the economy growing by 0.6%, although risks remain to the downside.

GBPUSD Daily Price Chart (January – October 8, 2018)

UK Week Ahead: Brexit Talk Remains Key  | Webinar

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--- 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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