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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?https://t.co/rfA2TsBctB https://t.co/SNoOEVLXvA
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:https://t.co/NJ683bZKpe https://t.co/zt3bYddjZ6
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pbfmvnsvuu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NL3bVphnYH
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uZ1HjcIJ4q
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:https://t.co/EWLFXK1q3q https://t.co/4XSSNxobMo
British Pound (GBP) Latest: GBP/USD Focus on Election, Brexit, Bank of England

British Pound (GBP) Latest: GBP/USD Focus on Election, Brexit, Bank of England

2020-11-03 09:00:00
Martin Essex, MSTA, Analyst
Share:

GBP price, Brexit news and analysis:

  • Near-term, the results of the US elections will be the principal driver of GBP/USD but traders also need to watch out for developments in the post-Brexit trade talks and on Thursday’s meeting of the Bank of England’s monetary policy committee.
  • Reports suggest that progress is being made in the EU-UK talks, while the BoE will likely increase its bond-buying program.
Advertisement

GBP/USD at the mercy of the US electorate

GBP/USD trading will be dominated short-term by the response of the US Dollar to the US elections but domestic UK factors could be increasingly important as the week progresses.

In particular, the EU-UK talks on their relationship once the Brexit transition period ends on December 31 could at last be making progress, with reports suggesting there could be a breakthrough on the contentious subject of fishing. The US-UK talks are also reported to be making progress and both these developments are potentially positive for GBP/USD after its recent decline.

GBP/USD Price Chart, One-Hour Timeframe (October 20 – November 3, 2020)

Latest GBP/USD price chart.

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

GBP Forecast
GBP Forecast
Recommended by Martin Essex, MSTA
Download our Q4 GBP forecast
Get My Guide

This week’s meeting of the Bank of England’s monetary policy committee is expected to end Thursday with a decision to increase the BoE’s bond-buying program by around £100 billion, taking the total to £825 billion – a potential negative for GBP/USD.

However, if such a decision is reached it could be seen as a clear and timely response to the UK national lockdown due to begin this week and could therefore be welcomed by the markets, helping GBP/USD recover some of the ground lost in recent days and bring the 1.30 level back in sight.

How will the markets react to the US elections? You can find out here

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -10% -13% -12%
Weekly 13% -6% 0%
What does it mean for price action?
Get My Guide

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