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
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

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Crude Oil Prices May Idle as the FOMC Regains the Spotlight - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2019/09/17/Crude-Oil-Prices-May-Idle-as-the-FOMC-Regains-the-Spotlight.html?utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #CrudeOil #OOTT
  • US Energy Secretary Perry says the US is taking a wait and see approach as to whether to use SPR
  • Lessons from Bretton Woods are forgotten, the US-China #tradewar represents a true existential threat to the post-World War II international trade order, and in turn, the globalized economy that has grown out of the ashes of history. More from @CVecchioFX :https://t.co/paaBxX6Xt0 https://t.co/TBxNcA745X
  • Another headache for the Riksbank as the Swedish labour market worsens - Unemployment rate 7.1% - Seasonal adjusted figure at 7.4% Notably above the Riksbank's forecast in its September monetary policy report $SEK https://t.co/5dhRRMvp2B
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.89%, while traders in France 40 are at opposite extremes with 80.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MRpMVcygyC
  • Saudi Oil Minister press conference is set to take place from 18:15BST #OOTT
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.20% Silver: -0.34% Oil - US Crude: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SKWxoMbOFk
  • RT @LiveSquawk: 18:15 BST #OOTT https://t.co/uWBjXgfXlF
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.01% 🇯🇵JPY: -0.05% 🇨🇭CHF: -0.08% 🇬🇧GBP: -0.18% 🇳🇿NZD: -0.30% 🇦🇺AUD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Y0mbFgtDou
  • Negative yielding government bonds , what are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/QECZSCfN52
GBPUSD Price Outlook: Sterling Bulls Intrigued by Angela Merkel's Comments

GBPUSD Price Outlook: Sterling Bulls Intrigued by Angela Merkel's Comments

2019-08-22 08:00:00
Nick Cawley, Analyst

Brexit News and GBPUSD Price, Chart and Analysis:

  • Chancellor Merkel says Irish backstop a ‘fallback position’.
  • Boris Johnson says Brexit talks can finally begin.

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

UK/German Brexit Meeting – A Ray of Hope?

The meeting between UK PM Boris Johnson and German Chancellor Angela Merkel on Wednesday produced some interesting comments which, if followed through on, could produce an answer to the current Brexit deadlock. Frau Merkel said at yesterday’s press conference that the Irish backstop was only a fallback position designed to come into effect if all other options failed. Merkel then said that a solution to the backstop impasse would probably be found in the next two years, ‘but we can also maybe find it in the next 30 days to come’. While this may be just a throwaway comment, it may also be a prompt to the UK that the EU may be responsive to fresh ideas in the coming weeks. A slightly more conciliatory tone from Germany ahead of PM Johnson’s trip to France today to see President Macron. Macron continues to take a hard line with the UK, and it will be interesting to see if he refuses to change his stance or if, like Merkel, he softens his approach.

GBPUSD is currently either side of 1.2130 and is waiting for news from Johnson’s meeting with Macron. Sterling bulls may take comfort from GBPUSD’s recent behaviour to Brexit news flow. On Tuesday this week, GBPUSD jumped around 100 pips almost immediately when news filtered out that Chancellor Merkel was looking forward to her meeting with Boris Johnson to discuss a practical Brexit backstop solution. It may be that Sterling short positions in the market are starting to get edgy and Tuesday’s sharp rally did suggest that near-term stop-loss positions were taken out quickly.

What is the Brexit Backstop and How Does it Impact the British Pound

The GBPUSD daily chart needs to break, and close, above 1.2170 in the short-term to allow the pair to build momentum to attempt 1.2250 and 1.2382. A break and close below 1.2100 and 1.2040 would suggest a re-test of the recently made two-and-a-half year low at 1.1983.

Sterling Price Weekly Forecast: Brexit News Flow and Political Manoeuvres

GBP/USD Price Chart (January – August 22, 2019)

GBPUSD Price Outlook: Sterling Bulls Intrigued by Angela Merkel's Comments

Retail traders are 76.1% 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 stronger bearish contrarian bias even 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.

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


News & Analysis at your fingertips.