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British Pound (GBP) Latest: Brexit Update Gives Boost to Sterling

British Pound (GBP) Latest: Brexit Update Gives Boost to Sterling

Justin McQueen, Strategist

GBP/USD Price Analysis & News

  • Brexit Update: Movement on Fisheries
  • GBP/USD |Price Action to Remain Choppy

BREXIT UPDATE: Late in yesterday’s session, source reports continued to do the rounds, talking up the likelihood that an agreement between the UK and EU was possible as soon as today. This had come amid the suggestion that there had been movement on fisheries on access to the 6-12 mile zone, ocean fishing and sanctions regime, thus ITV’s Peston had tweeted that there could either be a deal today or the following Wednesday. In turn, GBP has been on the front foot to once again rise above the 1.3400 handle, although, price action is expected to remain relatively choppy given the holiday-thinned trading conditions. Alongside this, while bookmakers (SMARKETS) show an increased likelihood that a deal will be reached (67/33), GBP will continue to react to the back and forth Brexit-related headlines.

For a comprehensive look at trading discipline, check out the traders guide to trading psychology

GBP/USD | Price Action to Remain Choppy

The recovery above the 1.34 handle, puts initial resistance at 1.35 in focus. If indeed that there is a confirmation of a deal, then eyes will be on the December highs above 1.36. As a reminder, GBP/USD volatility is notably elevated with 1-day implied moves at 1.1% or 144pips (premium for an ATM straddle). On the downside, support resides at the 1.3285-1.3300 with 1.3200-20 below.

GBP/USD Chart: Daily Time Frame

British Pound (GBP) Latest: Brexit Update Gives Boost to Sterling

Source: IG

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