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Brexit Latest: Sterling (GBP) Remains Firm Despite Ongoing Confusion

Brexit Latest: Sterling (GBP) Remains Firm Despite Ongoing Confusion

2019-10-24 09:03:00
Nick Cawley, Strategist
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Brexit Latest News – GBP/USD Price, Chart and Analysis

  • EU extension offer on hold until Parliament makes some firm decisions.
  • Sterling remains better bid despite unsettled political landscape.

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

Brexit Latest: Sterling Brushes Off Muddled Messages

It is becoming increasingly difficult to understand either the Conservative or Labour plans for Brexit with mixed messages continuing to cloud the picture. As one political editor of a major newspaper (Tom Newton Dunn of The Sun) succinctly tweeted –

‘Two days is a long time in British politics. The PM now wants to abandon the Brexit bill he wanted to pass so much on Tuesday for an election instead. Labour don’t want the election they said they did want, and now want to pass the bill they tried to vote down on Tuesday’.

UK PM Boris Johnson is also facing calls from within his party to hold back on calling a general election before Brexit is delivered, while the EU is said to be mulling a three-month extension offer although French President Macron wants any extension to expire on November 15. And the Liberal Democrats have once again pushed for a second referendum by proposing an amendment to the Queen’s Speech.

Against this backdrop, Sterling (GBP) is doing well to stay at its current levels. GBPUSD remains either side of 1.2900 with support off the recent double lows and 61.8% Fibonacci retracement at 1.2838. Below here support is seen off the 50% Fib retracement at 1.2670and the 200-day moving average at 1.2655. The first level of resistance – Monday’s multi-month high at 1.3009 – will only be tested if political fundamentals change, while a break and close above here would open the way to 1.3177.

DailyFX Economic Calendar

GBP/USD Daily Price Chart (February - October 24, 2019)

Brexit Latest: Sterling (GBP) Remains Firm Despite Ongoing Confusion

IG Client Sentimentshows that retail traders are 50% net-short GBP/USD, giving 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.

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