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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
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
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
Gold
Mixed
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
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
  • As the global economy continues to contract, the risk of geopolitical threats undermining financial and economic stability are rising, leaving the door open to violent volatility. Get your market update from @ZabelinDimitri here:https://t.co/2HEzqPobvA https://t.co/k13SwJmbRm
  • RT @IGSquawk: We're currently pricing #GBPUSD at 1.2852 and #FTSE at 7129.2 That's a drop of 1.18% from Fridays close for GBPUSD and 0.22%…
  • #DidYouKnow 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/K6W9X4v8XD
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your technical analysis from @IlyaSpivak here: https://t.co/7bsVuSyWMn https://t.co/DsmNYKk8v3
  • Can you trade with the joy of missing out (#JOMO)? Find out how you can turn your #FOMOintrading to JOMO here: https://t.co/G5H26NXZQe https://t.co/pVdKUPzvmk
  • RT @PaulBrandITV: It’s likely that this will end up in court on Monday. The case in the Scottish courts may well consider that this doesn’t…
  • RT @PaulBrandITV: BREAKING: Tonight the PM has sent this letter to EU requesting an extension to Brexit. Wording is copied and pasted from…
Brexit Latest: Sterling (GBP) Remains Vulnerable to Deal Backlash

Brexit Latest: Sterling (GBP) Remains Vulnerable to Deal Backlash

2018-11-23 09:00:00
Nick Cawley, Analyst
Share:

Sterling, Brexit and US dollar:

  • Sterling unlikely to move ahead of this weekend’s EU27 leaders meeting.
  • Proposed political declaration will not get through the House of Commons.

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

IG Client Sentimentshows that retail traders are 71.5% net-long of GBPUSD – a bearish contrarian indicator. When daily and weekly positional changes are factored in - the number of traders’ net-long the pair is up 29.2% on the week – we get a stronger bearish contrarian trading bias.

Sterling Treads Water as Political Noise Increases

UK PM Theresa May will go to Brussels this weekend to continue talks with EU Commission President Jean-Claude Juncker on the draft Brexit agreement. The UK PM on Thursday said that the deal was ‘within our grasp’ and that it fulfilled the mandate given to the Government when the UK voted to leave the EU. The Prime Minister’s enthusiasm for the deal was not matched by others who repeated that in its present form that the bill would not pass through the House of Commons, leaving the UK in limbo ahead of the March 29, 2019 leave date. In addition, the Spanish Prime Minister Pedro Sanchez has muddied the waters by saying that he would vote against the proposal unless Spain have a say on the future of Gibraltar. While this vote would not stop the draft agreement going through – the vote is based on a majority decision – it highlights the ongoing friction between the UK and EU as member states pile on the pressure.

GBPUSD has remained within a tight trading range this week and looks unlikely to make a move ahead of Sunday’s EU leaders meeting. The pair have been trading in a1.2770 – 1.2925 range all week with volume trimmed by the US Thanksgiving Holiday. Any rally will be met by resistance around 1.2922 before the 20- and 50-day moving averages at 1.2932 and 1.2983 come into view. Initial support at 1.2763 ahead of the multi-month low at 1.2662.

Recent Brexit Articles:

GBPUSD: Brexit Fears Remain as UK PM May Heads to Brussels.

Brexit Chaos Leaves Sterling Still Vulnerable to Whiplash Moves.

GBPUSD Daily Price Chart (March – November 23, 2018)

Brexit Latest: Sterling (GBP) Remains Vulnerable to Deal Backlash

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.

DISCLOSURES

News & Analysis at your fingertips.