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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • 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: https://t.co/8A1QhwMVKo https://t.co/rWVlBs6H3c
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here: https://t.co/JTuP7CLlyi https://t.co/tOvqn3Gdpc
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/s5dn4ZKnku
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
GBPUSD Price Stabilizes, Challenges Key Support Levels

GBPUSD Price Stabilizes, Challenges Key Support Levels

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The GBPUSD price is marginally higher Tuesday after its steep Brexit decline Monday.
  • It is now approaching an important band of support that may prevent further losses near-term but if that breaks more weakness looks highly likely.

GBPUSD price stable but more Brexit losses possible

The GBPUSD price is more stable Tuesday after Monday’s steep losses following UK Prime Minister Theresa May’s decision to cancel a Parliamentary vote on her Brexit plan. For now, a band of support could prevent further declines but any breakthrough would likely lead to further weakness.

GBPUSD is now at its lowest level since April 14, 2017 on Brexit turmoil but faces support at the 1.25 “round number” and at 1.2507 – the low touched on April 14 last year. If it falls below 1.25 there is further support at the 1.2365 low touched on April 7, 2017 and then at the 1.2206 low touched on March 14 last year.

However, with no breakthrough expected in the Brexit saga the price will likely continue to drop until a deal is reached. Note that despite its relative stability Tuesday it has regained little ground after Monday’s depreciation.

GBPUSD Price Chart, 30-Minute Timeframe (December 6-11, 2018)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

May is now touring European capitals in the hope of wringing more Brexit concessions from the EU but there is currently strong pressure on her to step down. Calls for a second Brexit referendum continue to grow and traders will be wary of buying GBP for as long as a disorderly Brexit next year remains a strong possibility.

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 martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES