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
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Brexit Latest: PM May Needs Support From a Fractured Cabinet

Brexit Latest: PM May Needs Support From a Fractured Cabinet

2018-10-16 08:27:00
Nick Cawley, Analyst

Sterling (GBP) Price and Brexit News:

  • Senior Conservative MPs may try to force a hard Brexit.
  • GBPUSD back above all three moving averages.

The DailyFX Q4GBP Forecast is available to download.

GBPUSD Pushes Ahead but Domestic Drama May Weigh

Sterling has recouped all of Monday’s losses against the US dollar and is pushing back towards 1.3200 as EU members make supportive noises for a negotiated deal. Germany’s EU minister Michael Roth said that a Brexit deal was close, while Austrian EU minister Gernot Blumel said that negotiations were going in the right direction, although there was not enough compromise yet. The two-day EU Summit starts on Wednesday and further headlines are expected, both before and during the meeting.

While the tone out of the EU is seemingly more conciliatory, UK PM Theresa May may well face a rebellion from within her own party if her disliked Chequers plan is not scrapped. Eurosceptic Conservative MP’s believe the Chequers plan leaves the UK in thrall of the EU and advocate a looser Canada+ free-trade agreement. Eurosceptic ministers met Monday night ahead of today’s Cabinet meeting. If these ministers are to trigger a vote of no-confidence in the Prime Minister, they will need 48 letters calling for one. So far media reports suggest that 35 letters may have been submitted.

GBPUSD has so far ignored the No.10 political in-fighting and continues to press higher. The pair now trade above all three moving averages on the four-hour chart and continue to eye 1.3200 in the near-term. Cable traded at 1.2662 two month ago.

Recent Sterling/Brexit Articles:

UK Week Ahead: Brexit Update and Heavyweight Data | Webinar.

GBP: Heightened Risk Doesn’t Reward Position-Taking This Week.

Brexit Analysis: How GBP and Stocks Might React to Alternative Outcomes.

GBPUSD Four Hour Price Chart (August 7 – October 16, 2018)

Brexit Latest: PM May Needs Support From a Fractured Cabinet

IG Client Sentiment shows that retail traders are 57.4% net-long GBPUSD, normally a bearish contrarian set-up. However, recent daily and weekly positional shifts suggest GBPUSD may soon move higher.

Traders may also be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- 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.


News & Analysis at your fingertips.