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Brexit Latest: Sterling (GBP) Suffers on Continued Brexit Stand-Off

Brexit Latest: Sterling (GBP) Suffers on Continued Brexit Stand-Off

2019-02-12 12:10:00
Nick Cawley, Strategist
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Brexit Latest: News, Updates and Sterling Technical Analysis

  • Fears remain that UK PM May is running down the Brexit clock.
  • EU stance remains unchanged – no change to the Withdrawal Agreement.

We have recently released our Q1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD along with our latest fundamental and medium-term term technical outlook.

Brexit Discussions Remain in Limbo, Sterling Slips Lower

UK PMTheresa May will today ask Parliament for another two weeks to try and persuade the EU to resolve the ongoing Irish border deadlock. Fears are now growing that PM May is running down the Brexit clock, a situation that may finally lead to Parliament being given the binary option of PM May’s current deal or no deal at all. While the PM remains confident that she can agree a deal with the EU to ensure no hard border in Ireland, the EU remain firm that there will be no change to the Withdrawal Agreement and that the UK will have to shift its stance. On Thursday there will be a vote on various amendments to the PM May’s bill in the House, but nothing is, currently, expected to be voted through that will change the current impasse.

Brexit and the Pound: Why EU Might Spurn a Last-Minute Deal With the UK

While the clock ticks, Sterling continues to try and hold support levels against a range of currencies but with sentiment waning, further downside may be likely in the near-term. GBPUSD has also been moved lower by ongoing US dollar strength, as global risk sentiment eases for now. The pair touched a three-week low at 1.2830 earlier in the session and will need a positive statement of intent by PM May to prevent this level being tested again.

GBPUSD Daily Price Chart (June 2018– February 12, 2019)

Brexit Latest: Sterling (GBP) Suffers on Continued Brexit Stand-Off

IG Retail Sentimentdata shows clients are 62.6% net-long GBPUSD, a bearish contrarian indicator. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD bearish contrarian trading bias.

DailyFX has a vast amount of resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of constantly updated Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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