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GBPUSD Price Rattled by Heightened Brexit Fears, European Elections Near

GBPUSD Price Rattled by Heightened Brexit Fears, European Elections Near

Nick Cawley, Strategist

Sterling (GBP) Price and Latest Brexit News

  • Sterling remains weak as Brexit fears increase.
  • GBPUSD ticks higher but resistance likely to hold sway.
  • Client Sentiment remains bearish.

Q2 2019 GBP and USD Forecasts andTop Trading Opportunities

GBPUSD Gains Set to be Capped

UK PM Theresa May is set to put a ‘new, bold offer’ to Parliament next month in an attempt to break the current Brexit gridlock, but according to newspaper reports this offer is already set to fail as it does not contain any new way of solving the Northern Irish backstop problem. And PM may’s week looks set to get worse with the new Brexit Party, headed by Nigel Farage, set to trounce both Conservative and Labour at the European Elections (May 23-26) according to a new Daily Telegraph poll.The new Brexit Party is averaging around 32%, compared to Labour at 21% and the Conservatives at 11%.

Daily Telegraph European Election Polling Intentions

GBPUSD Price Rattled by Heightened Brexit Fears, European Elections Near

DailyFX Economic Calendar

Against this negative backdrop it is difficult to see GBPUSD rising appreciably higher. The pair have opened in positive territory today after a two-week sell-off that saw cable fall from 1.3180 to 1.2714, with short-sellers likely taking profits, but further upside will find resistance from 1.2773 all the way through to 1.2894, the 23.6% Fibonacci retracement level. The January 15 ‘spike low’ at 1.2669 is the next level of horizontal support and this may be aided by the market current ly being in oversold territory, using the CCI indicator.

GBPUSD Daily Price Chart (August 2018 – May 20, 2019)

GBPUSD Price Rattled by Heightened Brexit Fears, European Elections Near

Retail traders are 80.4% 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.