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. See our updated Privacy Policy here.

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
Subscribe
Please try again
Wall Street
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
More View more
Real Time News
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/4qxwiJsV1K
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/stMPuq0VXR
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote

GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote

Nick Cawley, Strategist

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.

DISCLOSURES