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GBPUSD Gains on Brexit Delay, USDJPY Rejects 200DMA - US Market Open

GBPUSD Gains on Brexit Delay, USDJPY Rejects 200DMA - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBPUSD Gains on Brexit Delay, USDJPY Rejects 200DMA

GBP: The Pound is the notable outperformer this morning, hitting a 19-week high above 1.32, which saw EURGBP edge towards the lowest level since May 2017 as no-deal Brexit risks recede. Overnight, reports had emerged that PM May had been considering a potential delay to the Brexit date, while the Labour party noted that they would back a 2nd referendum. As such, this continues to hint that the risk of a no-deal has continued to decrease.

Brexit votes announced by PM May

  • Mar 12th: 2nd meaningful vote
  • Mar 13th: Vote on No-deal if MV fails
  • Mar 14th: Vote on Article 50 extension if both votes fail

JPY: Marginal gains this morning with JPY crosses edging lower. Alongside this, USDJPY failed to maintain a foothold above the 111.00 handle having rejected the 200DMA, however, ranges remain relatively tight ahead of Fed Chair Powell’s testimony.

AUD: A slight pullback in the Aussie throughout the European session, following yesterday’s trade war optimism inspired gains. Having failed to make a test of the 0.72 handle, AUDUSD hovers around 0.7150 with AUDNZD back below 1.04 as iron ore prices come under selling pressure.

DailyFX Economic Calendar: – North American Releases

GBPUSD Gains on Brexit Delay, USDJPY Rejects 200DMA - US Market Open

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GBPUSD Gains on Brexit Delay, USDJPY Rejects 200DMA - US Market Open

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Four Things Traders are Reading

  1. Crude Oil Analysis: Risk of Larger Drop if Trump Mulls Emergency Stockpile Release” by Justin McQueen, Market Analyst
  2. Sterling (GBP) Soars: No Deal Brexit Talk Sidelines BoE Testimony” by Nick Cawley, Market Analyst
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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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