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
Oil - US Crude
More View more
Real Time News
  • China Vice Foreign Minister states that the US and China have achieved some progress in trade talks; hopeful that an agreement will be reached. -First Squawk
  • Uncertainty about #Brexit will continue to pull the British Pound in all directions and the uncertainty from the EU-UK divorce may pressure the Swedish krona and Norwegian Krone in the week ahead. Get your market update from @ZabelinDimitri here: https://t.co/zew13uwntu https://t.co/gTZaov4iDt
  • LIVE IN 30 MIN: Join Senior Strategist @IlyaSpivak as he discusses the technical and fundamental AUD/USD outlook for the week ahead. Register here: https://www.dailyfx.com/webinars/378612179?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Chinese Vice Foreign Minister says the Chinese economy is a source of confidence for the international community and that the world needs openness, not decoupling or another cold war
  • #PBOC injects 250B Yuan in open market operations, the largest amount since May. -BBG #CNY
  • The #AUD and #NZD are uniformly up vs #JPY and #CHF which are down indicating a pro risk tilt.
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET/2:00 AM GMT to prepare for the week ahead in trading the $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/TLJVgV1iLq
  • RT @lisaabramowicz1: Third-quarter earnings have been beating estimates at a near record pace so far, yet Wall Street analysts are still st…
  • (CORR) •(SGD) presents a unique undertaking for traders •It is guided by the MAS, which manages the exchange rate •Learn the principals of developing an SGD fundamental forecast to trade #USDSGD from Analyst @ddubrovskyFX here: https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/03/The-Singapore-Dollar-and-MAS-What-is-SGD-and-How-to-Trade-it.html?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $USD weakness failed to translate into uniform #ASEAN FX strength. The path for a US-China trade deal carries uncertainties. SGD, MYR eye CPI data as IDR looks to a rate cut. Get your market update from @ddubrovskyFX here:https://t.co/ggvTHD1hlF https://t.co/JJxpkzzoWq
Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

2019-04-02 18:20:00
Christopher Vecchio, CFA, Sr. Currency Strategist

Talking Points:

- UK PM May has emerged from her cabinet meeting with calls for “national unity,” seeking consensus with Labour leader Jeremy Corbyn on finding a path forward.

- Similarly, UK PM May will seek another short-term extension to the Brexit deadline (currently April 12).

- GBPUSD rallied back above 1.3100 as betting markets started lowering the odds of a no deal, “hard Brexit.”

Looking for longer-term forecasts on the US Dollar? Check out the DailyFX Trading Guides.

UK Prime Minister Theresa May’s day-long meeting with her cabinet has yielded important developments in the Brexit process, which at this point in time suggest that a “soft Brexit” deal is still very much in reach.

Despite only having the backing of 10 of her 24 ministers, UK PM May announced that she would seek another short-term extension to the Brexit deadline, pushing it back from April 12 but no further than May 22 – that way, the UK can still avoid participation in European parliamentary elections.

"National Unity" with Labour

But perhaps the most notable development was her decision to reach across the aisle and call for “national unity” in the face of what’s quickly become a domestic political crisis for the UK. The prime minister said that she would find common ground with Labour party leader Jeremy Corbyn on several “options” on the path forward.

Done Trying with Tories and DUP

Still, with the EU insisting that the EU-UK withdrawal agreement is still valid, UK PM May has said that any options moving forward will still need to be within the confines of the framework. This more or less means that UK PM May is done trying to whip the votes of her Tory party or the Northern Ireland DUP to support the Withdrawal Agreement.

GBPUSD Price Chart: 1-minute Timeframe (Intraday April 1 to 2, 2019)

Brexit Latest: GBPUSD Moves Above 1.3100 as UK PM May Seeks Extension

Following the developments, GBPUSD immediately rallied from near 1.3037 to as highs as 1.3130. At the time this report was written, GBPUSD had eased back to 1.3107.


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.


News & Analysis at your fingertips.