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
EUR/USD
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Bullish
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
Oil - US Crude
Bearish
Bitcoin
Bearish
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
GBP Plummets on No Confidence Vote Risk, AUD Slips as Hung Parliament Looms - US Market Open

GBP Plummets on No Confidence Vote Risk, AUD Slips as Hung Parliament Looms - US Market Open

2018-10-22 13:45:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – DUP MAY SUPPORT TORY REBEL AMENDMENT

GBP: The Pound is the worst performing G10 currency with losses of 0.9%. Brexit concerns continues to plague the Pound with the latest reports suggesting the DUP would back an amendment currently being tabled by Tory Eurosceptics on Wednesday that would effectively make an Irish backstop illegal. Elsewhere, no-confidence vote risks for PM May are on the rise amid reports that a centrist Tory MP is to send a letter of no-confidence to the 1922 committee. GBP sub 1.30 against the greenback, dropping to a low of 1.2960.

AUD: Australian voters sent a strong message to the governing Liberal party who look set to lose their one-seat majority following the Wentworth by-election. This result was largely in relation to the ousting of the former PM, Malcom Turnbull back in August. While this raises the political uncertainty, it is possible that the Liberal party can see out the rest of their term with a minority government ahead of the Federal elections in May 2019. Australian Dollar continues to hover around the 0.71 handle with buying interest somewhat lacking for the high beta currency.

DailyFX Economic Calendar: Monday, October 22, 2018 – North American Releases

GBP Plummets on No Confidence Vote Risk, AUD Slips as Hung Parliament Looms - US Market Open

DailyFX Webinar Calendar:Monday, October 22, 2018

GBP Plummets on No Confidence Vote Risk, AUD Slips as Hung Parliament Looms - US Market Open

IG Client Sentiment: GBPUSD Chart of the Day

GBP Plummets on No Confidence Vote Risk, AUD Slips as Hung Parliament Looms - US Market Open

GBPUSD: Trader data shows 65.5% of traders are net-long with the ratio of traders long to short at 1.9 to 1. In fact, traders have remained net-long since Sep 20 when GBPUSD traded near 1.30758; price has moved 0.7% lower since then. The number of traders net-long is 0.7% higher than yesterday and 11.7% higher from last week, while the number of traders net-short is 8.7% higher than yesterday and 8.3% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBPUSD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed GBPUSD trading bias.

Five Things Traders are Reading

  1. US Dollar Strength Persists as Euro, Sterling Beset by Headline Risk” by James Stanley , Currency Strategist
  2. UK Week Ahead: Tough Week Ahead for UK PM May | Webinarby Nick Cawley, Market Analyst
  3. Q3 Earnings Kicks into High Gear, Relief Rally for Italian Assetsby Justin McQueen, Market Analyst
  4. Weekly CoT Update: Speculators Buy Gold at Record Pace, Sell More Euros” by Paul Robinson, Market Analyst
  5. EURGBP Price: Facing a Cluster of Resistance Levels” by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.