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British Pound (GBP) Latest: Break Higher Points to Further Gains

British Pound (GBP) Latest: Break Higher Points to Further Gains

2020-01-23 09:00:00
Martin Essex, MSTA, Analyst
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GBP price, Brexit news and analysis:

  • The GBP/USD outlook is positive after a break above important trendline resistance.
  • Meanwhile, the Brexit Bill passed through the UK Parliament Wednesday and just awaits Royal assent before becoming law.
  • All the amendments passed by the House of Lords were rejected by the Commons, paving the way for the UK to leave the EU in eight days’ time.

GBP/USD Outlook Positive

GBP/USD broke above trendline resistance Wednesday, implying further gains to come. As explained here yesterday, the move is a significant one and positive for the pair, which is now trading above 1.31 after remaining close to 1.30 for the past 10 days.

GBP/USD Price Chart, Two-Hour Timeframe (December 10, 2019 – January 23, 2020)

British Pound (GBP) Latest: Break Higher Points to Further Gains

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

The breakout from the triangle pattern shown on the chart above came as the probability of a quarter-point interest rate cut to 0.5% by the Bank of England on January 30 fell to just over 55% in the wake of data from the Confederation of British Industry showing a sharp increase in business confidence so far this month.

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The next important data points for GBP will be Friday’s UK purchasing managers’ indexes, which are expected to have risen in January.

Brexit Bill passes through Parliament

Later yesterday, the Brexit Bill completed its passage through Parliament, with the House of Commons overturning all the amendments passed by the House of Lords. After the formality of Royal assent it will become law and the UK will leave the EU on January 31 as planned by the Government.

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -8% -15% -11%
Weekly 27% -34% -12%
What does it mean for price action?
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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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

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