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GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote

GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote

2019-03-29 10:20:00
Nick Cawley, Strategist
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GBPUSD Price, News and Brexit Latest

  • GBPUSD breaks below trend and now eyes 1.3000 as the next level of support.
  • PM May’s withdrawal bill back in the House, or at least part of it.

Q1 2019 GBP Forecast and USD Top Trading Opportunities

GBPUSD and Latest Brexit Vote:

The UK voted to leave the EU nearly three years ago and today was originally signed-off as the Brexit day. Since then the complete inability to get any sort of consensus deal agreed within the House of Commons that the EU would sign off has forced the UK’s departure day back by at least another two weeks, and maybe much longer.

UK PM May will present part of her withdrawal agreement to the House this afternoon - ex-political declaration - in yet another effort to force a consensus in Parliament. Her withdrawal bill has been defeated heavily twice before and this attempt to pass her partial bill this time is also likely to be defeated. PM May has put the bill to vote, hoping that if it passes that the EU will postpone Brexit until May 22. If the bill is defeated, the UK will have until April 12 to find a consensus and indicate if it will put forward candidates for the European Elections. The EU will decide if the UK leaves the single-block without a deal or if a longer-delay to Brexit is warranted.

GBPUSD has sold-off in the last 2 days and, importantly, broke and closed below the trend support from the start of the year. This trend will now turn to resistance, leaving the pair looking for further support. Currently 1.3000 is holding but if this level is broken conclusively, the March 11 low at 1.2960 and the 200-day moving average around 1.2945 come into play. GBPUSD traders should also be aware of this afternoon’s US data releases, especially the Fed’s favorite inflation indicator, core PCE, released at 12:30 GMT.

GBPUSD Resilience Being Tested After Brexit Vote Shambles.

GBPUSD Daily Price Chart (August 2018 – March 29, 2019)

GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote

British Pound Volatility Continues and a Break is Inevitable.

Retail traders are 65.8% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however give us a stronger bearish GBPUSD bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on GBPUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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