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Sterling (GBP): Brexit Vote Delayed, Can Kicked Again

Sterling (GBP): Brexit Vote Delayed, Can Kicked Again

Nick Cawley, Strategist

Brexit News and GBPUSD Price and Chart

  • Brexit likely delayed further as talks continue.
  • GBPUSD turns higher, aided by a weaker US dollar.

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

It is looking likely that Brexit is going to be delayed by a couple of months, according to media reports, and that this week’s meaningful vote will be pushed back until March 12 at the latest, as UK PM Theresa May continues to seek concessions from the EU. PM May will meet EU leaders again this week and if she is unable to get her deal voted through the House of Commons by March 12, then it is likely that Parliament will seek to take control of the process. Parliament is likely to seek a delay in the process with many in the House wanting a No Deal Brexit taken off the negotiating table. In addition, EU President Donald Tusk is openly discussing the option of delaying Brexit until 2021to enable a deal to be finalized.

GBP Fundamental Forecast: Sterling Refuses to Believe in No Deal Brexit

While uncertainty normally weighs on a currency, Sterling is getting a mild bid as traders start to price-out a No Deal Brexit. GBPUSD is also being aided by a marginally weaker US dollar. Cable currently trades around 1.3085. To the upside, the recent February high at 1.1312 comes into play before the 38.2% Fibonacci retracement level at 1.3177 and the January 29 high at 1.3217.

GBPUSD Daily Price Chart (June 2018 - February 25, 2019)

Sterling (GBP): Brexit Vote Delayed, Can Kicked Again

Weekly DailyFX Economic Calendar

IG Client Setimentshows that retail traders are undecided on GBPUSD with the ratio of traders long- to short at 48%. Recent changes in holdings underline a mixed trading bias in GBPUSD.

Interest Rates and the Foreign Exchange Market

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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