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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
Real Time News
  • Live look at silver bulls below: https://t.co/inTarCwxNO
  • Silver is not behaving as one might expect in light of tumbling yields and notable USD weakness $SLV $XAGUSD $SI_F https://t.co/IgmjUxQbCE
  • The week will start to pick up in earnest with #FAANG earnings and US confidence. DailyFX's @JohnKicklighter discusses what's going on 👇 https://t.co/Aw8deX76nm
  • Big spike by the cable into the London fix. $GBPUSD up 50-pips in the last 15 minutes alone. US Dollar getting offered more broadly too. $USD #Forex #Trading https://t.co/HC3mb4DMFn
  • $MRNA Moderna says manufacturing partners face delays outside of the US -BBG
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.42% 🇬🇧GBP: 0.15% 🇪🇺EUR: 0.07% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.37% 🇳🇿NZD: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WzfKjhVb89
  • In the most recent CFTC report, sentiment in the USD has flipped net long for the first time since March 2020. Get your market update from @JMcQueenFX here:https://t.co/b2SLBieMth https://t.co/pNr8HMmG3E
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.41% Wall Street: -0.41% France 40: -0.57% Germany 30: -0.59% US 500: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/i4iI8v7dDT
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.22% Oil - US Crude: -0.09% Silver: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZBo4PP2Vq2
  • 🇺🇸 CB Consumer Confidence (JUL) Actual: 129.1 Expected: 123.9 Previous: 128.9 https://www.dailyfx.com/economic-calendar#2021-07-27
British Pound (GBP) Latest: GBP/USD Stable as Brexit Deadline Nears

British Pound (GBP) Latest: GBP/USD Stable as Brexit Deadline Nears

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • GBP/USD continues to trade just below strong resistance at the 1.30 level, with no clear sign yet of a break in either direction.
  • This sideways trading may well continue ahead of next week’s European Council meeting, when EU leaders will discuss relations with the UK after the Brexit transition period ends.
Advertisement

GBP/USD stability set to continue

GBP/USD continues to trade sideways just below resistance at 1.30 and is showing no sign yet of a breakout either up or down.

As the chart below shows, 1.30 is not just a psychologically important number, it is also where the price stalled in mid-September before easing back. Now the price is well supported by the 100-day moving average at 1.2785 and faces further resistance above 1.30 from the 50-dma at 1.3032 – with all recent action taking place within a channel formed by those two indicators.

GBP/USD Price Chart, Daily Timeframe (July 8 – October 7, 2020)

Latest GBP/USD price chart

Source: Refinitiv (You can click on it for a larger image)

EU leaders to meet on Brexit

This sideways trading will likely continue ahead of the European Council meeting on Thursday and Friday next week, when EU leaders meet in Brussels to discuss relations with the UK after the current Brexit transition period ends on December 31.

Leaks from the current talks have been mixed, with some suggesting progress and others a lack of it. The best guess, therefore, is still that a minimal bare-bones deal will be reached by the end of next week, with further negotiations to take place until the year-end.

UK trade secretary Liz Truss said Wednesday that “a deal is absolutely do-able” but EU officials continue to be less optimistic, at least in public.

UK housing market still buoyant

Meanwhile, data released Wednesday showed the Halifax house price index rose by a same-again 1.6% in September, raising the year/year rate to 7.3% from the previous 5.2% as the UK housing market remains buoyant.

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

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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

DISCLOSURES