News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/KCHeNfayki
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/q8nG7unK17
  • Just posted: a fascinating chat with my @DailyFX colleague @HathornSabin on #gold, $USD, $MXN and more https://t.co/vKdwKJZuEF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in EUR/USD are at opposite extremes with 67.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sf61r9rewm
  • Gold Prices May Fall Further as US Fiscal Stimulus Hopes Fizzle - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/10/20/Gold-Prices-May-Fall-Further-as-US-Fiscal-Stimulus-Hopes-Fizzle.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #FiscalPolicy #stimulus https://t.co/fS6r9kPXPY
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/5DC2kgetXj
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: -0.15% Gold: -0.20% Oil - US Crude: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yDIGCBjieN
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.04% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.08% 🇬🇧GBP: -0.18% 🇦🇺AUD: -0.47% 🇳🇿NZD: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JIAsnaWcPz
  • US Dollar Index Trades in Price Channel Ahead of US Stimulus Deadline - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/10/20/US-Dollar-Index-Trades-in-Price-Channel-Ahead-of-US-Stimulus-Deadline.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $USD $DXY https://t.co/FAi3oLk9Xu
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: US 500: 0.45% Wall Street: 0.23% France 40: -0.28% FTSE 100: -0.30% Germany 30: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/r3AZEgsPq3
Pound Sterling Searches for Support as Brexit Bill Roils GBP

Pound Sterling Searches for Support as Brexit Bill Roils GBP

2020-09-14 22:05:00
Rich Dvorak, Analyst
Share:

POUND STERLING SWOONS AMID LATEST BREXIT DRAMA SURROUNDING INTERNAL MARKET BILL

  • Pound Sterling has weakened sharply so far this month amid fresh Brexit uncertainty
  • Brexit negotiations could collapse with the passage of PM Johnson’s Internal Market Bill
  • GBP price action is under pressure as the Withdrawal Agreement hangs in jeopardy

The Pound Sterling searched for support on Monday as UK politicians gathered to debate and vote on the Internal Market Bill backed by Conservative Prime Minister Boris Johnson. GBP price action has been hammered lower over recent trading sessions due to the resurgence of Brexit uncertainty, which now looks set to intensify further. This follows British MPs moving the legislation process forward after just voting 340 to 263 in favor of the Internal Market Bill.

Starts in:
Live now:
Oct 20
( 10:10 GMT )
Recommended by Rich Dvorak
Trading Sentiment
Register for webinar
Join now
Webinar has ended

GBP/USD PRICE CHART: DAILY TIME FRAME (21 FEB TO 14 SEP 2020)

GBP USD Price Chart Pound Sterling Brexit Internal Market Bill

GBP/USD changed little in response to the latest Brexit development, but the headlines crossed market wires during illiquid trade between the US close and APAC open. That said, the Pound Sterling could resume its sharp slide owing to increased friction between UK and EU officials likely to ensue.

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 7% 4%
Weekly -6% -14% -10%
What does it mean for price action?
Get My Guide

Brussels has already threatened to take legislative action against the UK owing to the proposed Internal Market Bill as legal experts claim it would breach international law and undermine the Brexit Withdrawal Agreement. Interestingly, retail FX traders appear confident the worst has passed.

EUR/GBP PRICE CHART: 2-HOUR TIME FRAME (01 SEP TO 14 SEP 2020)

EUR GBP Price Chart Pound Sterling Brexit Internal Market Bill

Though the Internal Market Bill still requires passage by the House of Lords, support from majority of British MPs could exacerbate tension between the UK and EU. Looking ahead, this might encourage FX market participants to command a higher risk premium for the Pound Sterling, which stands to weigh negatively on GBP price action.

Keep Reading - US Dollar Outlook: USD Price Action Focused on Fed Meeting

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES