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GBPUSD Price Slumps as Brexit Turmoil, USD Strength Takes its Toll

GBPUSD Price Slumps as Brexit Turmoil, USD Strength Takes its Toll

2019-05-21 08:05:00
Nick Cawley, Strategist
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Sterling (GBP) Price and Latest Brexit News

  • Sterling hits a four-month low against the US dollar.
  • Chart looks oversold, but client sentiment remains heavily bearish.

Q2 2019 GBP and USD Forecasts andTop Trading Opportunities

GBPUSD – Bearish Sequence Continues Unchecked

Sterling is under heavy pressure against a resurgent US dollar and is touching levels last seen in mid-January this year and the recent sell-off continues. The recent break of support levels at 1.2894 and 1.2773 has left the pair without an anchor and sellers remain firmly in control. The recent breakdown has been primed by yet more Brexit confusion and concern as UK PM May continues to put forward her Withdrawal Agreement despite it already having been voted down in the House of Commons three times.

GBPUSD Price Rattled by Heightened Brexit Fears, European Elections Near

The US dollar continues its recent ascent with the US dollar basket (DXY) at a two-week high of 97.50 and threatening to make a fresh two-year high at 97.84. A break and close above here would produced another higher high on the longer-dated chart and reinforced further upside. Wednesday’s FOMC minutes and/or Friday’s US durable goods orders may well fuel this move higher.

DailyFX Economic Calendar

GBPUSD may find some respite on the downside from the January 15 ‘spike low’ at 1.2669 yet this support looks fragile. The CCI indicator does show the pair as heavily oversold and this again may put a brake on any further sell-off in the short-term.

GBPUSD Daily Price Chart (August 2018 – May 21, 2019)

GBPUSD Price Slumps as Brexit Turmoil, USD Strength Takes its Toll

Retail traders are 81.7% net-long GBPUSD according to the latest IG Client Sentiment Data. See how recent daily and weekly positional changes affect GBPUSD and currently give us a stronger bearish contrarian trading bias.

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 GBPUSD – 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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