Skip to Content
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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
US Dollar Eyes 2019 High, GBPUSD Plummets Through 1.2300 - US Market Open

US Dollar Eyes 2019 High, GBPUSD Plummets Through 1.2300 - US Market Open

MARKET DEVELOPMENT –US Dollar Eyes 2019 High, GBPUSD Breaks Down

DailyFX 2019 FX Trading Forecasts

USD: The US Dollar is gaining across the board with the exception of the safe-haven JPY and CHF. Much of the gains in the greenback have been attributed to the drop in the Pound, which trades at fresh 28-month lows. With little on the economic calendar throughout the rest of the session, eyes will be firmly fixed on the upcoming FOMC meeting, in which the central bank is expected to lower interest rates for the first time in over a decade. On the technical front, YTD highs reside at 98.37.

GBP: No-deal Brexit risks continue to rise as Boris Johnson’s key cabinet members vocalise their step up in no-deal Brexit preparation. Over the weekend, Michael Gove stated that the government are working on the assumption that the EU would not strike a fresh Brexit agreement, while Foreign Secretary Raab noted that the change must come from the EU. Consequently, GBPUSD is breaking down with the pair testing 1.2300 as it trades at its lowest level in 28-months, while EURGBP once again hits key trendline resistance. That said, speculators have also increased their bearish sentiment on the currency with net shorts at extreme levels.

EUR: A big week for the Euro with key data in the form of Eurozone GDP and CPI, which will likely reaffirm the message put forward by the ECB last week, that a fresh stimulus package is needed. The drop in the Euro throughout the morning has largely followed the breakdown observed in the Pound. However, 1.1100 barriers that had spurred a bounce post ECB are at risk of being tested once again.

Source: DailyFX, Thomson Reuters

IG Client Sentiment

How to use IG Client Sentiment to Improve Your Trading


  1. CAD Bulls Boosted, GBPUSD Bears at Extreme Levels - COT Report” by Justin McQueen, Market Analyst
  2. GBPUSD Crumbles as The US Dollar Continues its Pre-FOMC Run” by Nick Cawley, Market Analyst
  3. Crude Oil Technical Outlook Points to Lower Prices Ahead” byPaul Robinson, Currency Strategist
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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