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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here:
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here:
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:
GBP Price Outlook: Downtrend Still in Place After European Elections

GBP Price Outlook: Downtrend Still in Place After European Elections

2019-05-28 08:00:00
Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The European Parliament elections in the UK provided no clear signal on the country’s future in the EU.
  • That leaves GBPUSD in the downtrend that began in early May despite its recent relative stability.

GBPUSD price: stability may not last long

The European Parliament elections in the UK have had little impact on GBPUSD so far, with the currency largely stable at the start of the first full day’s trading in London after Sunday’s election results. The results can be interpreted in several ways but essentially they showed the country remains split down the middle on Brexit, with parties in favor and those against garnering roughly the same number of votes.

That means the downtrend in GBP in place since the start of this month remains in place, suggesting further losses ahead.

GBPUSD Price Chart, Two-Hour Timeframe (May 2 – May 28, 2019)

Latest GBPUSD price chart.

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

The key to Sterling’s future is who will become Conservative Party leader, and therefore Prime Minister, after Theresa May’s decision to quit. If a Brexit hardliner such as Boris Johnson, the former Foreign Secretary and current favorite to become the next PM, wins then GBP will likely fall further – although that may be already priced in to the pair.

If someone less committed to a hard Brexit such as Philip Hammond, the Chancellor of the Exchequer, becomes the next leader that would likely help the British Pound – but for now that looks considerably less likely.

In the meantime, the key to the future of GBP remains whether it can hold above the 1.26 mark. After it bounced from just above that level last Thursday, any drop below could send the pair down to its 2019 low at 1.2435 touched on January 2.

GBP Bears Beware: Boris as UK Prime Minister Might be Good for Sterling

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 or on Twitter @MartinSEssex

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