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
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
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
USD/JPY
Mixed
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/XnQzHlFsAv
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/FuLPdCLpKs
  • Elections anticipation may sabotage trend development next week, but that won't curb volatility between stimulus talks, Covid cases, FAANG earnings and 3Q GDP updates. Top of my watch list this week will be $EURUSD. My video on it all: https://www.dailyfx.com/forex/video/daily_news_report/2020/10/24/EURUSD-a-Top-Volatility-Risk-This-Week-but-Election-Anxiety-May-Keep-Markets-From-Trends.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/t14eT2SMa7
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/RfUWJdNjzk
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/EzdjTZEbx2
  • The Dow Jones, S&P 500 and AUD/USD could be at risk of extending losses as retail investors increase upside exposure. What are key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/ivQmFUTGdU https://t.co/KuIoM7g9E3
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/FBT1eSZdjF
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/LRL1iD3JDt
  • Even though the Australian Dollar lost some ground this week, support levels held. Bearish developments are brewing in $AUDUSD and $AUDJPY but remain unconfirmed. What else does #AUD face ahead technically? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/24/Australian-Dollar-Technical-Forecast-AUDUSD-AUDJPY-EURAUD-GBPAUD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/0gHyXW1vHh
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/9qcanKW0uT
GBP/USD Price Slips Lower as Brexit Reality Starts to Bite

GBP/USD Price Slips Lower as Brexit Reality Starts to Bite

2019-10-14 08:00:00
Nick Cawley, Strategist
Share:

Brexit and GBP/USD Price, Charts and Analysis

  • EU and UK continue discussions, but differences remain.
  • Queen’s speech will highlight PM Johnson’s legislative program.

Brand New Q4 2019 GBP and USD Forecasts and Top Trading Opportunities

GBP/USD Fades Lower as Brexit Negotiations Continue

GBPUSD continues to fade last week’s rally and is back below 1.2600, after hitting a 1.2707 peak on Friday, with little progress made in Brexit negotiations over the weekend. The EU is said to want more concessions from the UK, while any deal will still have to pass through Parliament, and that remains unlikely at this point in time. It is looking increasingly likely that the UK will have to request another extension - something PM Johnson is said to be loathed to do – as an agreement ahead of this week’s European Council meeting (Oct 17-18) is looking unlikely. European Commission President Jean-Claude Juncker has said that an extension is available if requested.

UK PM Boris Johnson will unveil the government’s latest legislative agenda in the Queen’s speech around mid-day with over 20 bills expected to be outlined. PM Johnson however does not command a Common’s majority and so his plans may well be voted down. The government announced this morning that a budget will be held on November 6.

Sterling is being marked lower and is unlikely to push substantially higher without any positive Brexit news hitting the screens. GBPUSD is finding support round 1.2580, a level of prior resistance, with this level guarding 38.2% Fibonacci retracement (March 13 – September 3 sell-off) at 1.2503. Below here, the 20-day moving average meets a cluster of old highs and lows around 1.2380. To the upside, the 200-day moving average cuts across the 50% Fib retracement at 1.2670 before last Friday’s multi-month high at 1.2707. Further upside momentum may be crimped by the CCI indicator that shows GBPUSD is overbought at the moment.

GBP/USD Daily Price Chart (March - October 14, 2019)

GBP/USD Price Slips Lower as Brexit Reality Starts to Bite

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 – 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.

DISCLOSURES