0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.05%, while traders in US 500 are at opposite extremes with 76.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bOIQPXZFko
  • Heads Up:🇲🇽 Industrial Production YoY (JUN) due at 11:00 GMT (15min) Expected: -17.8% Previous: -30.7% https://www.dailyfx.com/economic-calendar#2020-08-11
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-11
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/Lj9V09Gtnu
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.56% Gold: -1.98% Silver: -3.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bwxZBdzT9z
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.51% 🇦🇺AUD: 0.45% 🇨🇦CAD: 0.44% 🇳🇿NZD: 0.25% 🇬🇧GBP: 0.23% 🇯🇵JPY: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/X79P6EsMnj
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 2.74% France 40: 2.73% FTSE 100: 2.28% Wall Street: 0.91% US 500: 0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SvvEG07UEc
  • NZ PM says Auckland will move to level 3 restrictions for 3 days $NZD
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/dnwQT6AhKF
  • Heads Up:🇿🇦 Unemployment Rate (Q2) due at 09:30 GMT (15min) Previous: 30.1% https://www.dailyfx.com/economic-calendar#2020-08-11
GBPUSD Outlook: Brexit Voting in Parliament to Dominate Trading

GBPUSD Outlook: Brexit Voting in Parliament to Dominate Trading

2019-03-27 09:00:00
Martin Essex, MSTA, Analyst
Share:

GBP price, news and analysis:

  • Members of the UK Parliament will vote Wednesday on a series of Brexit options.
  • High volatility in GBPUSD makes trading difficult.

Brexit still in spotlight for Sterling traders

Sterling is continuing to weaken against the US Dollar ahead of another important day for Brexit but day traders need to be careful given the persistent high volatility in GBP.

CBOE CME FX British Pound Volatility Index

British Pound volatility index.

Source: Tradingview.com

The Westminster Parliament will attempt to find a way through the Brexit maze by voting on a series of alternatives ranging from the UK leaving the EU without a deal to the cancellation of Brexit. The so-called indicative votes are a way of trying to find a way of leaving the EU that commands a majority among Members of Parliament, with a customs union, a common market or a single market without a customs union (the so-called Norway plus option) all likely to be voted on.

However, all this will happen after the European close, with UK Prime Minister Theresa May expected to address the 1922 Committee of Conservative backbenchers around 1700 GMT, the “indicative votes” to begin around 1900 GMT and the results due after 2100 GMT. Moreover, the UK Government will not necessarily pursue any plan that Parliament agrees on.

May to quit?

Some political analysts expect May to offer to quit if that will help her current deal with the EU to pass, and she will have been emboldened by the possible support of the Brexit hardline European Research Group of Conservative MPs. However, she seems not to have won the support of Northern Ireland’s Democratic Unionist Party that props up her minority government – meaning her deal with the EU will likely be rejected for a third time if it is one of the alternatives put to Parliament.

In the meantime, GBPUSD remains in the downtrend that began early this month but there is no clear sign of how it will react to the voting, making it difficult to forecast near-term.

GBPUSD Price Chart, Hourly Timeframe (March 7 – 27, 2019)

Latest GBPUSD price chart.

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

More to read:

Understanding GBP

Using News and Events to Trade Forex

Resources to help you trade the forex markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- 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.

DISCLOSURES

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.