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.



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
Please try again
Wall Street
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
More View more
Real Time News
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:
  • FDA panel votes 16-3 against approving Covid-19 booster shots - BBG
  • RT @C_Barraud: 🇺🇸 Americans Haven’t Been This Down on #Housing Market Since 1982 - Bloomberg *Link:…
  • US Dollar Price Action Setups Pre-FOMC: EUR/USD, GBP/USD, USD/CAD
  • The US Dollar is pushing up to a fresh September high after the release of University of Michigan Consumer Sentiment data. Get your $USD market update from @JStanleyFX here:
  • I have this $SPX chart taking over one of my whole screens, and I just keep staring at that 50-day moving average...
  • RT @TheStalwart: Nice chart, which shows why countries in green on the perimeter, like Iran, Peru, and Turkey are known for their stability…
  • Selling pressure strengthening in Wall Street two hours before the close. S&P 500 down roughly 1% intraday, the largest decline since August 18th #trading $SPX $SPY
  • One of the strongest correlation with Bitcoin at the moment is the US 10-Year Treasury yield
GBPUSD Drops Ahead of Brexit Plan B

GBPUSD Drops Ahead of Brexit Plan B

Justin McQueen, Strategist

GBP Price Analysis and Talking Points:

  • GBP Awaits Plan B
  • Eyes on Amendments

See our quarterly GBP forecast to learn what will drive prices throughout Q1.

GBP Awaits Plan B

Today’s focus will center around the UK and Theresa May presenting her Plan B Brexit plans to the House of Commons, while the debate and vote will take place on January 29th. According to UK press reports over the weekend, the PM’s efforts to hold cross party discussions appears to be on hold for now, with Theresa May looking to get support from hardline Brexiteers in the Conservative Party and the DUP through renegotiating the Irish backstop. However, with little progress made, GBP is slipping ahead of the PM’s address (1530GMT) with the markets viewing this as an unlikely way to get a Withdrawal Agreement passed.

Eyes on Amendments

With there being little progress made on Theresa May’s Plan B relative to Plan A GBP is on the backfoot. As such, eyes will be on a series of amendments. Those pertaining to an extension to Article 50 could see GBP supported as no-deal Brexit risks recede. However, given the uncertainty over Brexit and the lack of clarity, GBP rallies have been consistently faded.

GBPUSD PRICE CHART: Daily Time-Frame (Sep 2018 – Jan 2019)

GBPUSD Drops Ahead of Brexit Plan B

Chart by IG

After a notable pullback from the 1.30 handle, GBPUSD has now broken below the 100DMA situated at 1.28889. Subsequently, opening the pair up for further losses with eyes on the 61.8% Fibonacci retracement of the 1.1800-1.4377 rise (1.2784).


--- 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.