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GBP Price Outlook: Driven by Brexit and Fed Chair Powell - Webinar

GBP Price Outlook: Driven by Brexit and Fed Chair Powell - Webinar

2019-08-19 11:36:00
Nick Cawley, Strategist
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GBPUSD Price, Chart and Analysis:

  • Brexit news may increase as PM Johnson meets Angela Merkel and Emmanuel Macron.
  • US interest rate discussion will drive markets later in the week.

Q3 2019 GBP Currency Forecast andTop Trading Opportunities

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

Brexit and Fed Chair Jerome Powell

Sterling is opening the week on the backfoot as Brexit no-deal talk continues, along with increased rhetoric from the Remain supporters that they will stop PM Boris Johnson from pushing a no-deal Brexit through without Parliamentary consent. On Sunday, one the main UK newspapers published confidential documents – Operation Yellowhammer – that warned of food, fuel and medicine shortages in the case of a no-deal Brexit.

With no data to look forward to, the main events of the week are the German/Eurozone PMIs, with further weakness expected, and the FOMC minutes on Wednesday and Fed chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday.

Asset markets to watch include GBPUSD, EURGBP and the FTSE 100.

GBP/USD Price Chart (January – August 19, 2019)

GBP Price Outlook: Driven by Brexit and Fed Chair Powell - Webinar

Retail traders are 73.2% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a bullish contrarian biaseven though traders remain net-long.

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 Sterling (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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