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Brexit Latest: PM May Survives; GBPUSD Hits a 10-Week Low

Brexit Latest: PM May Survives; GBPUSD Hits a 10-Week Low

Nick Cawley, Strategist

Brexit Latest; GBP Price, News and Analysis

  • PM May leadership remains in place as 1922 Committee reject rule change.
  • GBPUSD slides through support, bearish candles dominate.

Q2 2019 GBP Forecast and USD Top Trading Opportunities

Brexit News Brushed Aside by an Unchecked US Dollar

The 1922 Committee yesterday rejected an application from some senior Conservative MPs to amend rules to allow another vote of confidence in PM Theresa May. The PM won the last challenge in mid-December 2018 and under current rules cannot face another leadership challenge for one year (mid-December 2019). The application to allow a vote within this time frame was rejected by the Committee, but they did ask PM May for more details and timing on when she expects to stand down.

PM May is also said to be planning to put an amended version of the Withdrawal Agreement to Parliament before the UK takes part in the EU elections in an attempt to force the issue within her party who are expected to take heavy losses in the upcoming elections.

For once Brexit is not driving GBPUSD which is coming under heavy downside pressure from a strong US dollar complex. While the daily chart looks oversold in the short-term – using the CCI indicator – bearish red candles dominate the pair over the last nine sessions. The break and close below the bottom of the descending wedge at 1.2962 has accelerated the move as the US dollar touches a near-two year high. Support from the 23.6% Fibonacci retracement level at 1.2894 has been breached today and a close below here would leave GBPUSD likely to re-test the February 14 swing-low at 1.2773.

Sterling Week Ahead Technical Analysis – GBPUSD, EURGBP and GBPNZD.

GBPUSD Daily Price Chart (September 2018 – April 25, 2019)

Brexit Latest: PM May Survives; GBPUSD Hits a 10-Week Low

Retail traders are 72.6% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. See how recent daily and weekly positional changes have changed our sentiment to bullish GBPUSD.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

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

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

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