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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO https://t.co/8Rq7RCrXZB
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge: https://t.co/43fWH81O8S
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oMldfyQvSy
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:https://t.co/zrP58XUTln https://t.co/slnI0wp7N4
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR https://t.co/8m5VDxfmMf
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: 0.13% Oil - US Crude: -0.19% Silver: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KzmYUuyoam
  • BoE Governor Bailey: - Digital innovations in payments are here to stay - Haven't yet landed on the appropriate design for a lasting digital currency - Doesn't think cryptocurrencies are lasting yet #BoE $GBP
British Pound (GBP) Latest: GBP/USD Heading for September High Above 1.34

British Pound (GBP) Latest: GBP/USD Heading for September High Above 1.34

Martin Essex, MSTA, Analyst

GBP price, Brexit news and analysis:

  • Optimism is growing in the markets that an EU-UK trade deal, albeit a minimal one, can be agreed before the Brexit transition period ends on December 31.
  • That is boosting GBP/USD, which could hit the September 1 high at 1.3483 if resistance at the 1.34 “round number” can be overcome.
Advertisement

GBP/USD higher on Brexit trade deal hopes

Optimism that European Commission President Ursula von der Leyen and UK Prime Minister Boris Johnson can push through an EU-UK trade deal before the Brexit implementation period ends on December 31 is boosting Sterling even though only a bare-bones agreement is expected.

That will likely push GBP/USD above the 1.34 level, where “round number” resistance halted its progress Monday, when the day’s high was at 1.3398. A sustained breach of 1.34 would then likely see the price rise towards the 1.3483 level touched on September 1 before the exchange rate fell back.

GBP/USD Price Chart, Daily Timeframe (August 25 – November 24, 2020)

Latest GBP/USD price chart.

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

Building Confidence in Trading
Building Confidence in Trading
Recommended by Martin Essex, MSTA
Building Confidence in Trading
Get My Guide

As the chart above shows, GBP/USD remains within the rising channel in place since the September 23 low at 1.2675.

Much though will depend on the positive mood in the markets generally continuing. For now, sentiment is constructive after US President Donald Trump cleared the way for a Joe Biden presidency, vaccine hopes persist and Monday’s UK purchasing managers’ indexes for November beat expectations.

UK PMIs.

Looking ahead, Wednesday’s spending review by UK Chancellor of the Exchequer Rishi Sunak and the accompanying economic and fiscal forecasts are the next major events on the calendar but should have little impact on GBP/USD and the GBP crosses.

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

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 16% 11% 13%
Weekly -20% 28% 2%
What does it mean for price action?
Get My Guide

--- 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