- 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 Data show 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)
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--- Written by Nick Cawley, Analyst
To contact Nick, email him at nicholas.cawley@ig.com
Follow Nick on Twitter @nickcawley1
