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British Pound Rallies as Boris Johnson Remains in Poll Place - Webinar

British Pound Rallies as Boris Johnson Remains in Poll Place - Webinar

2019-12-09 13:00:00
Nick Cawley, Strategist
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Sterling Price (GBP) Analysis, Price and Charts

  • Conservative lead increases to 14 point according to latest poll.
  • ECB and FOMC meetings also need monitoring

Q4 GBP Forecast and Top Trading Opportunities

Sterling’s Rally Continues Unabated

UK PM Boris Johnson received a hefty boost early Monday when the latest Survation poll showed the Conservative party extending their lead over Labour to 14 percentage points, up from 9 percent two weeks ago. The British Pound traded at multi-month highs against a range of other currencies, while EUR/GBP dipped further, hitting lows last seen in May 2017.

Sterling (GBP) Analysis – GBP/USD Rally Continues on Latest Poll Boost

While Sterling is expected to appreciate further if PM Johnson get his currently predicted majority, the likelihood is that the rally will be muted after the recent strong performance of the British Pound. While a majority will get Brexit through, by the end of January 2020 at the latest, EU/UK trade talks will weigh on Sterling for many months, if not years, if past negotiations are anything to go by.

The IG Client Sentiment indicator shows traders are 70% net-long EUR/GBP, which normally would give us a bearish contrarian bias. However, recent daily and weekly changes currently give us a mixed outlook for EUR/GBP.

EUR/GBP Daily Price Chart (January – December 9, 2019)

eurgbp price chart showing market falling

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 – Will Boris Johnson get his majority?? 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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