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GBPUSD Price: Selling-Off on Talk of UK Parliament Suspension, Proroguing

GBPUSD Price: Selling-Off on Talk of UK Parliament Suspension, Proroguing

2019-08-28 08:32:00
Nick Cawley, Strategist
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Brexit, GBPUSD Price, Chart and Analysis:

  • PM Johnson may suspend UK Parliament, hold Queen’s speech on October 14.
  • Political upheaval will increase Sterling volatility

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

Sterling Volatile on Talk of Suspending UK Parliament

The British Pound jumped around early Wednesday after newswires were alive with talk that the UK Parliament will be suspended (prorogued)to prevent Remainers from blocking a no-deal Brexit. According to the latest talk, Parliament will return from recess on September 3 with Queen’s speech to be given on October 14, leaving the no-deal Remainers little time to pass legislation to block UK PM Johnson.

According to the BBC it means “MPs are unlikely to have time to pass any laws that could stop the prime minister taking the UK out of the EU without a deal on 31 October. A No 10 source said: "It's time a new government and new PM set out a plan for the country after we leave the EU."

GBPUSD sold off from its recent highs but moves were limited as rumours floated around. Expect Sterling volatility to remain elevated in the weeks ahead as UK PM Johnson comes under attack. Further moves lower may be expected as recent longs exit their positions.

Sterling Forecast: Volatility Likely to Soar on Brexit No-Confidence Vote

GBP/USD Price Chart (January – August 28, 2019)

GBPUSD Price: Selling-Off on Talk of UK Parliament Suspension, Proroguing

Retail traders are 67.6% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes suggest that prices may soon reverse higher despite traders being net-long GBPUSD.

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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