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Brexit Briefing: GBP/USD Price Weakens After General Election Debate

Brexit Briefing: GBP/USD Price Weakens After General Election Debate

Martin Essex, MSTA, Analyst

GBP/USD price, Brexit news and analysis:

  • The UK Opposition Labour Party’s Jeremy Corbyn narrowly beat Prime Minister Boris Johnson in the first televised head-to-head General Election debate between the two leaders broadcast Tuesday, according to pollsters YouGov.
  • Sterling is modestly weaker so far Wednesday, with GBP/USD again rejecting resistance at 1.30.

GBP slips back after TV debate dominated by Brexit

UK Prime Minister Boris Johnson was marginally weaker than the Labour Party’s Jeremy Corbyn in the first televised debate between the two leaders ahead of the December 12 UK General Election, according to pollsters YouGov.

The debate, broadcast by ITV, was dominated by Brexit in the first half before switching to issues such as the National Health Service. According to YouGov, viewers think Johnson was stronger during the debate on Brexit (63% to Corbyns 27%), while the Labour leader performed better on the NHS (54% vs 38%). Overall, most viewers think both leaders performed well, but Corbyn edged out Johnson by 67% to 59%, YouGov added.

Looking at Sterling, which tends to rise when Johnson’s Conservatives appear more likely to win the election, GBP/USD eased back, again rejecting resistance at 1.30.

GBP/USD Price Chart, 10-Minute Timeframe (November 19-20, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

Brexit Glossary - Brexit Jargon and Terms Explained

As for EUR/GBP, that edged higher, remaining above support just above the 0.85 level.

Meanwhile, a row is breaking out after the Conservative Party changed the name of one of its Twitter accounts to make it look like a fact checking service during the debate.The Conservative Campaign Headquarters press office account changed its name to factcheckUK from its usual CCHQPress and switched its avatar to a white tick against a purple background.

According to the latest polls, Conservative Party support currently stands at around 42%, with Labour at around 30% and the Liberal Democrats on 15%.

Brexit Timeline – The Path Ahead

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

Resources to help you trade the forex markets:

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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