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
  • 🇺🇸 CB Consumer Confidence (JUL) Actual: 129.1 Expected: 123.9 Previous: 128.9 https://www.dailyfx.com/economic-calendar#2021-07-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.24%, while traders in Wall Street are at opposite extremes with 74.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/quIfTqIUg8
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: 0.19% Oil - US Crude: -0.09% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Wx9svtAsnx
  • Heads Up:🇺🇸 CB Consumer Confidence (JUL) due at 14:00 GMT (15min) Expected: 123.9 Previous: 127.3 https://www.dailyfx.com/economic-calendar#2021-07-27
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -0.24% France 40: -0.29% FTSE 100: -0.37% Wall Street: -0.40% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IoQew5Ric8
  • IMF Update - Fault Lines Widen in The Global Recovery.#IMF #WEO @DailyFXTeam https://t.co/jORA0dkjdm
  • 🇺🇸 House Price Index MoM (MAY) Actual: 1.7% Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-07-27
  • Heads Up:🇺🇸 House Price Index MoM (MAY) due at 13:00 GMT (15min) Previous: 1.8% https://www.dailyfx.com/economic-calendar#2021-07-27
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (JUN) Actual: 0.3% Expected: 0.8% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2021-07-27
  • 🇺🇸 Durable Goods Orders MoM (JUN) Actual: 0.8% Expected: 2.1% Previous: 3.2% https://www.dailyfx.com/economic-calendar#2021-07-27
British Pound (GBP) Latest: GBP/USD Stable, Bailey Optimistic on Brexit Deal

British Pound (GBP) Latest: GBP/USD Stable, Bailey Optimistic on Brexit Deal

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • GBP/USD will likely continue to trade sideways ahead of next Thursday’s European Council meeting in Brussels, where EU-UK relations post Brexit will be discussed.
  • The 1.30 level is still providing strong resistance and a break above it is unlikely near-term.
  • In the meantime, Bank of England Governor Andrew Bailey is optimistic that an EU-UK trade deal can be reached.
Advertisement

GBP/USD looks ahead to EU summit

GBP/USD will likely continue to trade in a narrow range just under the 1.30 resistance level ahead of the European Council meeting that begins next Thursday in Brussels. EU leaders will review the state of the EU-UK negotiations on their relationship after the Brexit transition period ends on December 31 and say they “will discuss preparatory work for all scenarios” after January 1.

The 1.30 level remains important, not just psychologically but also because the mid-September rally stalled there. The 50-day and 100-day moving averages also remain important, continuing to provide resistance and support respectively.

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

Latest GBP/USD price chart.

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

Bailey optimistic on Brexit deal

Ahead of the European Council meeting, Bank of England Governor Andrew Bailey said he believes the EU and the UK should be able to reach a trade deal, and also that he does not expect the second wave of Covid-19 cases in the UK to be as damaging as the first. “I do think it is in the interests of both sides – let’s be blunt – to get an agreement,” he said in an interview with the Yorkshire Post.

Separately, in a webinar hosted by the European Commission, Bailey said that the risks to the UK economy are "very much to the downside", that he hopes there will be an EU-UK deal and that the post-Brexit transition period will not be easy.

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