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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
  • RT @ddubrovskyFX: The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. USD/INR…
  • Bloomberg just reported that Australia confirmed its first #coronavirus case
  • Monday open volatility? https://t.co/0ElZtSfHsz
Brexit Latest: GBPUSD Drops Below 1.3000 as Third Vote Fails

Brexit Latest: GBPUSD Drops Below 1.3000 as Third Vote Fails

Share:

BREXIT LATEST – TALKING POINTS

  • UK PM Theresa May’s EU-UK Withdrawal Agreement has been defeated again, this time by a margin of 286 votes in favor to 344 against. GBPUSD dropped below 1.3000 for the first time since March 11 following the results
  • European Council President Donald Tusk has called for an emergency Brexit summit on April 10; the UK is set for a no deal, ‘hard Brexit’ on April 12
  • Take a look at this Brexit Timeline for a chronological series of events surrounding UK leaving the EU and impact on the British Pound

Looking for longer-term forecasts on the British Pound? Check out the DailyFX Trading Guides

UK PM Theresa May’s EU-UK Withdrawal Agreement has been defeated again, this time by a margin of 286 votes in favor to 344 against. The third failed vote now puts the prime minister in the uneasy position of feeling immense pressure to resign.

After reaching an agreement with the European Commission to extend the Brexit deadline to April 12, the failure of the third vote means that a no-deal, ‘hard Brexit’ is possible in two weeks time. This can still occur despite British MPs voting previously against no-deal Brexit as the motion was not legally binding – hard Brexit thus remains the legal default.

GBPUSD CURRENCY PRICE CHART: 1-MINUTE TIMEFRAME (MARCH 27, 2019 TO MARCH 29, 2019)

GBPUSD Currency Price Chart After Third Brexit Vote

GBPUSD plunged from 1.3065 to a low of 1.2984 immediately following the news but has since climbed back above the 1.3000 handle.

In response to today’s third ‘meaningful vote’ results, European Commission President Donald Tusk has called for an emergency summit on April 10 in hopes to avoid the worst-case scenario as the fate of Brexit – as well as GBP and the UK’s economy – hangs in limbo.

However, Tusk and other EU leaders have adamantly stated that the European Council will not re-open Brexit discussions to further negotiate outstanding issues like the Irish backstop which has caused much of the impasse. As such, the vast uncertainty surrounding Brexit has recently pushed GBP implied volatility to extremes.

BRITISH POUND IMPLIED VOLATILITY AND TRADING RANGES

GBPUSD EURGBP GBPJPY British Pound Currency Price Chart Implied Volatility and Trading Ranges After Third Brexit VoteBritish Pound GBP Implied Volatility Price Chart against Euro and Japanese Yen EUR JPY

FOREX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

---

Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX

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

DISCLOSURES

News & Analysis at your fingertips.