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GBPUSD Price Rallies to a Six-Week High, Brexit Latest

GBPUSD Price Rallies to a Six-Week High, Brexit Latest

2019-09-13 08:40:00
Nick Cawley, Strategist
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  • Cable continues its push higher as fears of Hard Brexit fade further.
  • Irish border compromise being mooted.

Q3 2019 GBP Forecast and Top Trading Opportunities

Sterling (GBP) Pushes Higher as No-Deal Brexit Worries are Pared

The Pound continues to strengthen against a range of currencies as one influential UK newspaper reports that the DUP may be softening its position towards the Irish backstop. The Timessaid that the Democratic Unionist Party is considering some EU rules as part of a new deal to replace the contentious Irish backstop. A DUP spokesman later denied the report, but Sterling has taken strength from the rumor and continues to price out a Hard Brexit on October 31.

The current weakness of the US dollar is also helping GBPUSD to push higher as investors continue to price-in a rate cut at next week’s FOMC meeting. Thursday’s rate cut and renewed QE by the ECB has added extra pressure on the Federal Reserve to weaken the US dollar by cutting rates and adding increased forward guidance. GBPUSD trades back above 1.2400 for the first time in six weeks and may push higher with little in the way of strong resistance to break until 1.2576.

GBPUSD traders should take note of the latest US Retail Sales figures released at 12.30 GMT with expectations of a month-on-month 0.2% rise in August compared to a 0.7% increase in July.

For all economic and data releases see the DailyFX Economic Calendar

GBPUSD Daily Price Chart (December 2018 - September 13, 2019)

GBPUSD Price Rallies to a Six-Week High, Brexit Latest

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IG Client Sentiment data show that of retail traders are 67.4% net-long of GBPUSD, a bearish contrarian indicator. However, recent daily and weekly positional changes suggest give us a stronger GBPUSD bearish contrarian bias

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 and Brexit? 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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