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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
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
Oil - US Crude
Bearish
Low
High
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
Wall Street
Bearish
Gold
Mixed
Low
High
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.35% 🇨🇭CHF: 0.32% 🇦🇺AUD: 0.28% 🇯🇵JPY: 0.13% 🇨🇦CAD: 0.09% 🇬🇧GBP: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RXxjsCy8rA
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: -0.11% Oil - US Crude: -0.37% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Hc2TbgHQee
  • GBP/USD experienced some nice strength next week, and on that it kept forging the bullish channel building over the past month. Get your $GBPUSD technical analysis from @PaulRobinsonFX here:https://t.co/NIbRTVmjqq https://t.co/flxIsQmpld
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.80%, while traders in EUR/USD are at opposite extremes with 72.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vpBfv4QowY
  • US Equity Update (Friday Close): $DJI -0.10% $SPX +0.35% $NDX +0.25% $RUT +0.63% $VIX -2.38%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.39% FTSE 100: 0.34% Germany 30: 0.28% Wall Street: -0.03% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PJ6eqnizhK
  • Update on #Cryptocurrencies #BITCOIN -1.73% #BITCOINCASH -0.64% #ETHEREUM -2.40% #RIPPLE -3.39% #LITECOIN +1.68%
  • The Euro and European bourses finding some support this morning following this morning’s PMIs.Get your $EURUSD market update from @JMcQueenFX here:https://t.co/BR4OvkW5uO https://t.co/xLhhd9iqiI
  • New York Covid hospitalizations rise over 1,000 - highest since June - BBG
  • Johnson & Johnson Covid vaccine trial will resume shortly - The Washington Post
UK PM Johnson May Call Snap Election, GBP/USD Slammed

UK PM Johnson May Call Snap Election, GBP/USD Slammed

2019-09-02 16:30:00
Justin McQueen, Analyst
Share:

GBP/USD Analysis and Talking Points

  • Snap Election Seems Inevitable, GBP/USD Slammed
  • GBP/USD Heading for 1.2000

Snap Election Seems Inevitable, GBP/USD Slammed

GBP/USD has continued to edge lower throughout today’s session, looking to make a test of the 2019 low at 1.2015 as a snap election seems inevitable. Following Boris Johnsons decision to suspend parliament from mid-September to October 14th, rebel MPs have been working overtime in order to prevent a no-deal Brexit from happening. In turn, this has seen the rebel MPs look to put forward legislation that would force the PM to get a 3-month extension from the EU provided that there is no new deal by October 19th.

Consequently, if Tory rebels manage to defeat the government and pass the bill tomorrow, this may potentially see UK PM Johnson call for a snap election as soon as Wednesday, which in turn could allow for a general election to take place on Thursday, October 10th, before the key EU Summit on October 17th. As a reminder, that under the Fixed Term Parliaments Act, the PM would need 2/3 of all MPs (287/434) to vote for an election, that said, with opposition parties in favour of a general election, this should be reached with ease.

UK PM Johnson May Call Snap Election, GBP/USD Slammed

Source: Press Association.

GBP/USD Heading for 1.2000

Given the political uncertainty, any GBP/USD upticks have presented opportunities to fade. At the same time with MPs returning to parliament from September 3rd, implied volatility in the Pound is continuing to pick up with both the 2 and 3-month tenors hitting the highest level since December 2018.

UK PM Johnson May Call Snap Election, GBP/USD Slammed

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES