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
Bearish
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Mixed
GBP/USD
Bearish
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
USD/JPY
Bullish
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
More View more
Real Time News
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/UzzC1bGzRJ
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/46bdHdOmOV
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/6FokpDbL65
British Pound (GBP) Update - Sterling Staring at a Make-or-Break Brexit Weekend

British Pound (GBP) Update - Sterling Staring at a Make-or-Break Brexit Weekend

Nick Cawley, Strategist

Brexit and Sterling (GBP/USD) Price, Analysis and Chart:

  • Brexit deal or no-deal by Sunday evening.
  • Sterling slipping lower as Brexit rhetoric increases.
Advertisement

It may well be that after over four years of rancor and haggling that Brexit negotiations come to a head this weekend, one way or another. UK PM Boris Johnson had already set a December 31 deadline for a deal/no-deal while the European Parliament said yesterday that Sunday evening would be the deadline for any deal to be ratified in time before the end of the year. Comments recently out from EU chief negotiator Michel Barnier – we have very little time left, few hours - seem to confirm this, leaving Sterling very much at risk today. UK PM Boris Johnson has also said that talks are in a ‘serious situation’ leaving the market to try and work out if both sides are using their final bluff cards or if they are serious about a no-deal.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Nick Cawley
Trading Forex News: The Strategy
Get My Guide

Sterling is edging lower across the board, albeit from recent highs, and has even slipped lower against a weak US dollar. GBPUSD printed a 32-month high yesterday around 1.3628 before edging lower and currently trades around 1.3540. The technical outlook still looks positive although the CCI indicator is showing the pair in extreme overbought territory.

GBP/USD Daily Price Chart (April - December 18, 2020)

British Pound (GBP) Update - Sterling Staring at a Make-or-Break Brexit Weekend
GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 13% -25% -11%
Weekly 28% -40% -19%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

Retail trader data show 35.00% of traders are net-long with the ratio of traders short to long at 1.86 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/USD prices may continue to rise.

Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger

GBP/USD-bullish contrarian trading bias.

British Pound (GBP) Update - Sterling Staring at a Make-or-Break Brexit Weekend

Do you want to discover what kind of Forex Trader you are? Take the interactive DNA FX Quiz

What is your view on Sterling – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES