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  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
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  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/fIGDaDW21V
  • ...even more incredible is net speculative futures positioning in $EURUSD, rounding off from a record net long position...and it hasn't even cleared 1.20... https://t.co/SfyYTMTT1x
  • Net speculative futures positioning in the Dollar (here overlaid with the $DXY) has pushed to extreme levels commensurate to the levels in Oct 2017 and April 2018 https://t.co/JqHGgVUCqc
  • The $SPX closed below the 50-day moving average Friday. The first time it has done so in 103 trading days. The 'technical' end of an exceptional run: https://t.co/HUn5Q6JmlK
UK Week Ahead: Tough Week Ahead for UK PM May | Webinar

UK Week Ahead: Tough Week Ahead for UK PM May | Webinar

2018-10-22 11:35:00
Nick Cawley, Strategist
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  • Brexit continues to dominate, and PM May is under pressure.
  • ECB meeting may come on the back of poor Germany numbers.

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

IG Sentiment Datashow of traders are 47.5% net-long of GBPUSD and when coupled withrecent daily and weekly sentiment shifts give us a bullish contrarian bias.

UK PM May Battling for Her Political Career.

After yet another EU Summit meeting ended with the UK being told to do more – especially over the Irish border situation – PM Theresa May has been asked to attend the 1922 Committee to answer questions over her latest Brexit plans. The PM’s Chequers plan continues to divide Parliament and the latest talk of an extension to the transition period has infuriated many within her party. If the Committee receive 48 letters of no confidence in the PM, a leadership election would be triggered. According to rumors – unsubstantiated – the Committee have already received around 46 letters.

Sterling remains weak and will continue to stay offered until this meeting – if it takes place – and the outcome of the no-confidence calls – are clear. The data calendar is also clear and should not cloud matters.

GBPUSD Four-Hour Price Chart (September – October 22, 2018)

UK Week Ahead: Tough Week Ahead for UK PM May | 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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