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Ongoing Brexit Confussion Leaves GBP/USD Price Unfazed

Ongoing Brexit Confussion Leaves GBP/USD Price Unfazed

2019-10-21 08:00:00
Nick Cawley, Strategist

Brexit Latest News – GBPUSD Price, Chart and Analysis

  • Saturday’s vote on Boris Johnson’s Withdrawal Agreement cancelled.
  • The Speaker of the House may not let PM re-present his bill.

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

Sterling (GBP) Little Moved by Ongoing Brexit Mayhem and Potential Deal Delay

GBP/USD currently trades around 1.2920 in early turnover, seemingly little fazed by this weekend’s Brexit shambles. The pair trade at levels seen at the fix on London (UK 4PM) before a rally in the US took GBP/USD up to 1.2990 again ahead of the vote.

UK PM Boris Johnson did not present his Withdrawal Agreement to Parliament on Saturday after an amendment by Sir Oliver Letwin passed by 322 to 306. This amendment says that the Withdrawal Bill needs to be passed before Johnson’s deal can be approved. PM Johnson is expected to put his bill forward to be voted on early this week, but the Speaker of the House, John Bercow, may refuse to let Johnson to re-submit his deal unless amendments are voted on. Politics will once again decide the short-term future of Sterling.

GBP/USD is forming a short-term pennant which may add extra volatility to the pair this week. Support for the pair starts around 1.2878-1.2880 before the 61.8% Fibonacci retracement level at 1.2838 appears. The CCI indicator shows that the pair are currently overbought. To the upside, GBP/USD will likely struggle to break above 1.3000 in the short-term with 1.3177 the first-target if bullish momentum takes over. The longer-term outlook for GBP/USD looks positive with the pair trading above all three moving averages, while a series of lower highs and lower lows have been broken.

DailyFX Economic Calendar

GBP/USD Daily Price Chart (January - October 21, 2019)

Ongoing Brexit Confussion Leaves GBP/USD Price Unfazed

IG Client Sentimentshows that retail traders are 54% net-short GBP/USD, giving us a bullish contrarian bias. However daily and weekly changes give us a mixed outlook.

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.