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Sterling (GBP) Price Action Dominated by Brexit Disarray

Sterling (GBP) Price Action Dominated by Brexit Disarray

Nick Cawley, Strategist

Brexit and Sterling (GBP) News, Charts and Analysis

  • Parliament re-opens and waits for the Prime Minister.
  • Sterling fades lower and eyes support levels.

Q3 2019 GBP Forecasts and Top Trading Opportunities

UK PM Johnson to Face the Music in Parliament, Sterling Unnerved

PM Boris Johnson has flown back from the United Nations General Assembly meeting in the US this morning and is likely to meet a hostile reception in a newly re-opened Parliament. Boris Johnson’s suspension of Parliament was ruled unlawful by the UK Supreme Court Tuesday and the Speaker of the House called for Parliament to be opened today. PM Johnson said that he profoundly disagrees with the ruling but added that he would fully respect the decision.

UK Supreme Court Rules PM Johnson’s Prorogation as Unlawful

Since the ruling there have been numerous calls for the Prime Minister to resign, while others say that his actions should force a vote of no confidence in the PM. However, with no UK political party having a clear lead in opinion polls, it is likely that no official pressure will be put on Johnson, merely rhetoric via the media. A general election is expected this year with late November – early December mooted as the likely date.

One point of contention will be the Conservative Party conference in Manchester next week. Conservative MPs will likely have to travel up and down to Manchester to take part in the conference and to come back to Parliament to take part in voting on various bills.

Against this volatile backdrop, Sterling has remained calm. GBPUSD and EURGBP have both traded within a narrow range over the last 24 hours, helped in part by weakness in both the US dollar and the Euro. GBPUSD continues to fade lower and is approaching the recent one week low around 1.2410 which guards stronger support at 1.2382. The pair are currently stuck between the supportive 20- and 50-day moving averages and the 200-day moving average which adds another layer of resistance higher up.

GBPUSD Price Daily Chart (January – September 25, 2019)

Sterling (GBP) Price Action Dominated by Brexit Disarray

Brexit Glossary: Brexit Jargon and Terms Explained

The IG Client Sentiment Indicator shows retail traders are 64.0% net-long GBPUSD, a 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 – 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.