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.

Free Trading Guides
EUR/USD
Bullish
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
Bullish
Gold
Mixed
Oil - US Crude
Bullish
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
Bitcoin
Bearish
More View more
Real Time News
  • #Gold prices soared towards the 2013 high in the best week since June 2019. The medium-term $XAUUSD technical outlook is bullish. The week ahead will be scrutinized for signs of a top #technicalanalysis - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/02/21/Gold-Price-Technical-Forecast-Bullish-as-XAUUSD-Targets-2013-High.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/KwGYG9n7hM
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.60% 🇬🇧GBP: 0.59% 🇪🇺EUR: 0.59% 🇳🇿NZD: 0.29% 🇨🇦CAD: 0.26% 🇦🇺AUD: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zlA41tLYcc
  • The $SPX closed a volatile week right on confluent support around 3337-3340 Holding this area will be critical going forward https://t.co/CKm6DLDYDw
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 1.49% Silver: 0.72% Oil - US Crude: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/f60M6H4z0O
  • France outlook downgraded to stable from positive by Moody's ratings - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.96%, while traders in France 40 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0eoB5BRiH6
  • Not only has an equally-weighted (USD, EUR, GBP, JPY) index of #gold charged to a fresh record high this past week, it has done so on the biggest weekly rally since January 2015 https://t.co/RmtSwlRKtK
  • $USDMXN: A rally into the 19s and then back inside the triangle could really light a fire for a top-side breakout that turns into a sustainable move to the upside. Get your USD/MXN market update from @PaulRobinsonFX here: https://t.co/zhSczLPPlw https://t.co/peLgERMQNy
  • Switzerland Outlook stable, AAA/A-1+ rating affirmed by S&P $USDCHF
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: US 500: -0.01% Wall Street: -0.02% Germany 30: -0.06% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9kz88a0m5l
Brexit Hits a Stumbling Block; GBP/USD Slips But Remains Underpinned

Brexit Hits a Stumbling Block; GBP/USD Slips But Remains Underpinned

2019-10-17 08:00:00
Nick Cawley, Analyst
Share:

Brexit and GBP/USD Price, Chart and Analysis

  • Brexit not over the line yet as DUP reject current deal.
  • GBP/USD hit by profit taking but market tone remains positive.

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

Brexit Impasse as DUP Reject Current Brexit Deal

The Democratic Unionist Party (DUP) said this morning that it cannot agree to the latest Brexit proposals put forward by the EU and UK. The DUP said they remain concerned over VAT arrangement and ‘customs and consent issues’ and will not back the deal. Earlier, European Council President Donald Tusk said that a deal could ‘theoretically’ be agreed and put to the EU27 at the two-day EC Summit meeting starting today in Brussels. UK PM Boris Johnson will continue to push his case and negotiations with the DUP and the EU remain ongoing. If an agreement can be reached, UK PM Johnson will ask Parliament to vote on the bill on Saturday. This may prove difficult for PM Johnson as he does not command a majority in the House and various anti-Brexit groups will continue to vote against any agreement. The EU has already voiced fears that any deal they offer may not pass Parliament.

Sterling has come off its recent heady levels but remains underpinned as expectations of a no-deal Brexit fade further away. GBP/USD is currently around 1.2780, around 1 cent lower than Wednesday’s five-month high, but still over five cents higher over the last week. The daily chart shows GBP/USD to be heavily overbought, but the pair remain above all three moving averages and the 50% Fibonacci retracement level (1.26700) of the March 19 – September 3 sell-off. If a deal acceptable to all parties is found, GBP/USD is expected to rally further. The 61.8% Fibonacci retracement level at 1.2838 was broken yesterday - but not closed above – and is likely to be only a small barrier in the way of a run up to 1.3177 and potentially higher.

DailyFX Economic Calendar

GBP/USD Daily Price Chart (January - October 17, 2019)

Brexit Hits a Stumbling Block; GBP/USD Slips But Remains Underpinned

IG Client Sentimentshows that retail traders are 57% net-long GBP/USD, giving us a bearish contrarian bias. However daily and weekly changes give us a bullish 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 – 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

News & Analysis at your fingertips.