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GBPUSD News: UK PM Shuns Brexit Advice, Sterling Cagey

GBPUSD News: UK PM Shuns Brexit Advice, Sterling Cagey

Nick Cawley, Strategist

Sterling and US dollar:

  • UK PM May presses ahead despite the threat of a no confidence vote.
  • Sterling pulling back from last week’s sell-off.

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

Sterling (GBP) Recovers from Last Week’s Lows but Doubts Remain

GBP opens the week on a mildly positive note, clawing back some of last week’s losses. The outlook for Sterling however remains clouded, especially as UK PM May continues to ignore any advice on the Brexit draft agreement which is highly unlikely to get through a vote in the House of Commons. Five senior Conservatives are said to have prepared amendments to the draft text over the weekend, but it seems that PM May will not heed their advice, prompting more calls for a vote of no confidence. The Prime Minister will speak at a CBI conference later today and will continue to push the draft agreement before she travels to Brussels this week to meet EU Commission President Juncker.

Brexit Chaos Leaves Sterling Still Vulnerable to Whiplash Moves.

Sterling has pushed ahead in early turnover but is unlikely to rally further with Brexit uncertainty running sentiment. GBPUSD is also likely to be held in check by a stable US dollar. The dollar index (DXY) is trading just below 96.00 and the uptrend from the mid-April remains intact. GBPUSD trades at 1.2865 and needs to break initial resistance at 1.2922 before attempting to break the recent series of lower highs at 1.3175. To the downside, an area between 1.2695 and 1.2735 may provide support ahead of the multi-month low at 1.2662. GBPUSD remains below all three moving averages, while the RSI indicator is currently neutral.

We will be looking at Brexit, Sterling and a variety of other UK asset markets and drivers at our weekly

Key UK Events and Markets Webinar at 11:30 am today (Monday).

GBPUSD Daily Price Chart (April – November 19, 2018)

GBPUSD News: UK PM Shuns Brexit Advice, Sterling Cagey

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 GBPUSD – bullish or bearish?? 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.

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