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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • 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:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
Brexit Latest: GBP Rises as EU-UK Agree Future Ties, However, Hurdles Remain

Brexit Latest: GBP Rises as EU-UK Agree Future Ties, However, Hurdles Remain

2018-11-22 11:10:00
Justin McQueen, Analyst

GBP Analysis and Talking Points:

  • GBP Rises as EU and UK Agree Future Ties
  • Challenges Ahead Remain

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

GBP Rises as EU and UK Agree Future Ties

GBPUSD rose to session highs, taking out the 1.29 handle after reports had emerged that the EU and UK have agreed on a draft text of political declaration on future EU-UK ties after Brexit. Within the text, the EU and UK had stated their “determination” to replace the backstop in the future, with the EU considering technological solutions to avoid an Irish border. Alongside this, the EU and UK will also commit to build on single customs territory. Going forward, the political declaration will now be sent to the EU27 for their approval at the EU Summit on Sunday, whereby PM May will bring the agreement before the House of Commons for the meaningful vote. Today will see Theresa May make a Brexit statement to parliament at 1430GMT.

Challenges Ahead Remain

While GBP is trading at elevated levels on the back of these latest reports, it will not be long be traders refocus their attention back on the hurdles that Theresa May faces ahead, most notably the meaningful vote. So far, the Prime Minister has garnered little support for her Brexit plans, which has left the government split into several factions. In light of the agreement, as critics appear, GBP gains are likely to be ease.

The meaningful vote is critical for the longer-term direction for GBP, and with chances somewhat slim that the Brexit agreement will be passed through parliament, uncertainty persists and can once again keep the Pound weak as no-deal risks rise, while failure will likely lead to a no-confidence vote in Theresa May

GBPUSD PRICE CHART: 5-Minute Time-Frame (Intraday)

Brexit Latest: GBP Rises as EU-UK Agree Future Ties, However, Hurdles Remain

Chart by IG

GBP Technical Analysis

Additional Brexit Analysis


--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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