News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Mixed
GBP/USD
Bearish
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
USD/JPY
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
More View more
Real Time News
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
  • $GBPUSD corrects from stretched valuations, however, positioning clear is likely to entice dip-buyers. Get your market update from @JMcQueenFX here: https://t.co/sfFdBx9pN6 https://t.co/j6nnry65SW
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/oQrOpYINOj
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/LSVPlus0vv
  • 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/J0EPMD2Cfi https://t.co/rPd6B5KzuI
  • Time-cycle analysis suggests that the Japanese Yen could slide significantly lower against its major counterparts. Key levels for AUD/JPY, EUR/JPY and GBP/JPY. Get your market update from @DanielGMoss here:https://t.co/WPq4Z9zzEw https://t.co/VzVLrBbL9q
Brexit News: Sterling Remains at Risk of UK Government Breakup

Brexit News: Sterling Remains at Risk of UK Government Breakup

Nick Cawley, Strategist

Brexit, Sterling and UK PM May:

  • Sterling’s short-term pick-up under threat.
  • Further cabinet resignations expected.

We have just released our Brand New Q4 Trading Forecasts including USD and GBP.

Sterling (GBP) Sell-Off Risks Remain

UK PM Theresa May is likely to remain in power in the short-term but further resignations from her cabinet cannot be discounted, leaving the Prime Minister in a perilous position.Talk continues to do the rounds that Michael Gove, environment secretary, will tender his resignation after yesterday refusing the post of Brexit secretary, while secretary of state for international development Penny Mordaunt is also rumored to be resigning. In addition, the DUP has said that it will not support the draft agreement, increasing fears that that the bill will not pass through Parliament.

How Does a Leadership Challenge to a UK Prime Minister Work?

Sterling remains weak and any rebounds find new sellers. Against a slightly weaker US dollar, GBPUSD trades around 1.2825 and the short-term downtrend remains in place. A head and shoulders pattern is playing from late October, leaving the August 15 low at 1.2662 at risk.

GBPUSD Daily Price Chart (May - November 16, 2018)

Brexit News: Sterling Remains at Risk of UK Government Breakup

EURGBP has broken out of its downtrend pattern and continues to push higher. The pair now trade above all three moving averages and currently trade either side of the 50% Fibonacci retracement level at 0.8860. To the upside, Fibonacci retracement at 0.8916 guards the October 30 high at 0.89390. A close above here will break the sequence of lower highs and support further upside momentum.

EURGBP Daily Price Chart (May – November 16, 2018)

Brexit News: Sterling Remains at Risk of UK Government Breakup

IG Client Sentiment Datashow retail holdings and how they affect a currency pair’s outlook.

GBPUSD trader data shows retail are 68.8% long – a bearish contrarian indicator – and recent daily and weekly changes give us a stronger bearish contrarian bias.

EURGBP trader data shows retail are 40.8% net-long. The number of traders net-long is 20.4% lower than yesterday and 38.3% lower from last week, while the number of traders net-short is 21.4% higher than yesterday and 14.6% higher from last week – substantial market shifts - giving us a strong bullish contrarian bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Brexit and all that it entails? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES