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UK Week Ahead: Brexit Update and Heavyweight Data | Webinar

UK Week Ahead: Brexit Update and Heavyweight Data | Webinar

2018-10-15 11:57:00
Nick Cawley, Strategist
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  • Irish border still unresolved and PM May could suffer.
  • UK jobs, wages and inflation data on Tuesday and Wednesday.

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

IG Sentiment Datashow of traders are 61.7% 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 Stalemate Ahead of EU Summit Meeting

The EU and the UK are still unable to resolve the Irish border issue, putting trade negotiations on hold as EU leaders meet mid-week. Releases/tweets over the weekend from Michel Barnier and Dominic Raab said that while progress had been made, ‘key issues remain’ with the EU now looking for a second Irish border backstop, something that Brexiteers within the UK Conservative Party will likely reject. Sterling faded lower on the back of the news but losses were limited ahead of the EU Summit meeting.

UK heavyweight data makes a return this week with the monthly look at jobs, wages, retail sales and inflation, all market moving releases in their own right. Whether they will move Sterling is questionable as Brexit continues to dominate the market.

GBPUSD Four-Hour Price Chart (August 29 – October 15, 2018)

UK Week Ahead: Brexit Update and Heavyweight Data | Webinar

Economic Calendar is Heavy

UK Week Ahead: Brexit Update and Heavyweight Data | 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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