Never miss a story from Martin Essex

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Martin Essex

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

GBP price, news and analysis:

  • The proposed Brexit agreement between UK PM Theresa May and the EU is facing strong political opposition all round in the UK.
  • That means the likely next move in the GBPUSD price is lower still as she struggles to win approval for it.

GBP price at risk

GBPUSD is dropping further below 1.30 in Europe Thursday after a highly volatile session Wednesday as traders weighed up the impact of the proposed Brexit deal between UK Prime Minister Theresa May and the EU. Moreover, it could well come under more downward pressure in the days ahead as opposition to the agreement dents confidence in the Pound.

May is due to make a statement on the agreement in Parliament Thursday ahead of a likely EU Summit later this month, perhaps on November 25, but she faces a series of hurdles and a stumble at any one of them could lead to more GBP weakness.

GBPUSD Price Chart, Daily Timeframe (July 1 – November 15, 2018)

Latest GBPUSD price chart.

Chart by IG

In particular, the deal has to be ratified by the UK Parliament and that looks currently to be very difficult to achieve amid hostility from the opposition Labour Party and from Northern Ireland’s Democratic Unionist Party that holds the balance of power in Parliament.

May also faces dissent from both the hardline supporters of Brexit and those wishing to remain in the EU within her own ruling Conservative Party. Despite winning the approval of her cabinet for the potential agreement, the Brexit Secretary Dominic Raab and a junior minister in the government resigned early Thursday and more resignations are possible.

May could also face a no-confidence vote in Parliament as Brexit hardliners gather signatures for a challenge to her authority that could ultimately lead to her downfall.

GBPUSD Price Chart, Five-Minute Timeframe (November 14-15, 2018)

Latest GBPUSD price chart.

Chart by IG

For now, a possible target is 1.27, where the pair traded in late October, and a drop below support there would likely lead to more losses.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at or on Twitter @MartinSEssex