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GBPUSD Price Edging Ahead Despite Growing Risk of No-Deal Brexit

GBPUSD Price Edging Ahead Despite Growing Risk of No-Deal Brexit

2018-12-19 11:30:00
Martin Essex, MSTA, Analyst
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GBPUSD price, news and analysis:

  • The GBPUSD price continues to shrug off the growing risk of a no-deal Brexit, implying some underlying strength in the Pound.
  • Moreover, UK inflation data showing CPI rising at the slowest rate for 20 months year/year in November has also failed to dent sentiment.

GBPUSD price advances

The GBPUSD price is continuing to edge ahead even as the UK government urges the country to prepare for a no-deal Brexit 100 days from now and businesses trigger contingency plans just in case.

GBPUSD Price Chart, Hourly Timeframe (December 11-19, 2018)

Latest GBPUSD price chart.

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

The Pound’s seeming indifference to the government’s activation of its no-deal plans suggest that traders are no longer too worried about this scenario – which some claim to be the worst possible outcome for the UK.

UK inflation at 20-month low

Data showing the CPI measure of UK inflation falling to a 20-month low of 2.3% last month, in line with expectations, has also failed to weaken the Pound, while news from the Confederation of British Industry that UK factory orders grew for a second successive month in December suggests that industry is coping better with Brexit than its detractors forecast.

More to read:

Brexit Timeline - The Path Ahead

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--- 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.

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