GBPUSD Worth Outlook Fragile as Boris Johnson Heads to Europe

Brexit and GBPUSD Worth, Chart and Evaluation:

UK PM Boris Johnson to hunt concessions from the EU.GBPUSD could slip decrease as EU leaders are anticipated to rebuff UK PM.

Q3 2019 GBP Foreign money Forecast andPrime Buying and selling Alternatives

Hold updated with all key financial information and occasion releases by way of the DailyFX Financial Calendar

Sterling Worth Weekly Forecast: Brexit Information Circulate and Political Manoeuvres

EU/UK Conferences to Form Brexit Negotiations

UK PM Boris Johnson will meet German Chancellor Angela Merkel on Wednesday and French President Emmanuel Macron on Thursday to repeat that the Irish backstop should be taken off the negotiating desk if a deal is to be struck between the 2 sides earlier than October 31. This activity could also be past the PM because the EU. Through totally different channels, has repeatedly mentioned that the Withdrawal Settlement won’t be modified and that the backstop stays. PM Johnson has mentioned that the UK will go away the EU on October 31 with or with out a deal, though his desire is for the previous.

Whereas this example is nothing new, it stays to be seen if the EU gives some flexibility to Johnson or in the event that they rebuff him utterly. The UK PM will meet with different EU leaders on the Biarritz G7 summit this weekend and can proceed to press his case.

GBPUSD Worth Beginning to Break Decrease

GBPUSD is coming underneath promoting stress with Brexit hitting the British Pound whereas the US greenback is trending larger and again at close to three-week highs. The pair are slowly heading in the direction of the August 12 multi-month low at 1.2015 which presently guards the mid-January 2017 low print at 1.1983forward of the October 2016 spike-low at 1.1800. To the upside, latest every day highs between 1.2178 and 1.2250 will curb bullish momentum.

GBP Worth Outlook: Pushed by Brexit and Fed Chair Powell – Webinar

GBP/USD Worth Chart (December 2018 – August 19, 2019)

GBPUSD Price Outlook Fragile as Boris Johnson Heads to Europe

Retail merchants are 74.three% net-long GBPUSD in response to the newest IG Consumer Sentiment Information, a bearish contrarian indicator. Nevertheless latest every day and weekly positional adjustments give us a stronger bearish contrarian biasregardless that merchants stay net-long.

Merchants could be focused on two of our buying and selling guides – Traits of Profitable Merchants and Prime Buying and selling Classes – whereas technical analysts are prone to be focused on our newest Elliott Wave Information.

What’s your view on Sterling (GBPUSD) – bullish or bearish? You possibly can tell us by way of the shape on the finish of this piece or you’ll be able to contact the creator at nicholas.cawley@ig.comor by way of Twitter @nickcawley1.

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