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GBPUSD Eyes Crucial Support Ahead of PM May Speech

GBPUSD Eyes Crucial Support Ahead of PM May Speech

2018-10-24 08:02:00
Justin McQueen, Analyst
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GBP Analysis and Talking Points:

  • GBP Eyes PM May Address to 1922 Committee
  • Technically, GBP Looks Vulnerable to Further Losses

See our quarterly GBP forecast to learn what will drive prices through mid-year!

GBP Eyes PM May Address to 1922 Committee

Theresa May will make an address to the 1922 Committee of backbenchers in parliament as the Prime Minister seeks relative calm over her Brexit plan. This has come amid growing tensions following the Theresa May’s failure to reach an agreement at the October summit, while reports have suggested that a no-confidence vote is on the horizon.

Interestingly, the PM’s spokesman noted that the PM had asked the committees chairman herself if she could address the meeting, which could in turn imply that the party organiser (Chief Whip) is confident of producing a choreographed show of loyalty. If indeed the PM looks to have achieved support, this could provide a lift for the GBP, however, failure to confidently answer a series of difficult questions may push the Pound to sub 1.2900 against the greenback.

GBP Vulnerable to Further Losses

GBPUSD is eying key support area at 1.2920-25 which mark the October lows. Given that negative momentum continues to build, GBPUSD may be soon approaching these levels. Bears will be looking for a close below 1.2900 to make a move towards the Sep 5 low at 1.2785. On the upside, resistance is situated at 1.3066 (23.6% Fibonacci retracement of the fall from 1.4377-1.2661).

GBPUSD PRICE CHART: Daily Time-Frame (Mar-Oct 2018)

GBPUSD Eyes Crucial Support Ahead of PM May Speech

Chart by IG

Additional Brexit Analysis

TRADING RESOURCES:

--- 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.

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