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Brexit Latest: Has Sterling (GBP) Priced-in Any General Election Risk Yet?

Brexit Latest: Has Sterling (GBP) Priced-in Any General Election Risk Yet?

2019-10-25 08:19:00
Nick Cawley, Strategist
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Brexit Latest News – GBPUSD Price, Chart and Analysis

  • PM Johnson calls for a General Election in mid-December.
  • The EU have yet to decide the length of the latest Brexit extension.

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

Brexit Latest: Call for a General Election May Fall on Deaf Ears

In the latest attempt to break the current gridlock, UK PM Boris Johnson says that he will call for a General Election next week if the EU offer a three-month extension. The main opposition party Labour in turn said that they would not agree to a GE unless no-deal was taken off the table, while the SNP and the Liberal Democrats have both previously said that they want an election but haven’t given any firm assurances. The outcome may be that the EU offer an extension until the end of January 2020, that Parliament vote down the PM’s call for a GE and the country remains gridlocked with a ‘Zombie Parliament’ according to Chancellor of the Exchequer Sajid David. The EU are expected to make their announcement on any extension today.

The British Pound is seemingly immune to the political backdrop and continues to trade above 1.2800. Thursday brief dip below that level was reversed quickly and GBPUSD currently trades at the 61.8% Fibonacci retracement level. Yesterday’s high print is unlikely to be challenged in the short-term and bearish momentum will target 1.2750 before the 20- and 200-day moving averages converge with the 50% Fib retracement between 1.2640 and 1.2670.

DailyFX Economic Calendar

GBP/USD Daily Price Chart (February - October 25, 2019)

Brexit Latest: Has Sterling (GBP) Priced-in Any General Election Risk Yet?

IG Client Sentimentshows that retail traders are 52% net-long 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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