GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

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GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

GBP/USD Price, Chart and Analysis:

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

  • Mildly bullish chart set-up but GBP/USD remains fragile.
  • Remainers threaten to back Jeremy Corbyn as interim PM.

Q3 2019 GBP Currency Forecast andTop Trading Opportunities

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

Keep up to date with all key economic data and event releases via the DailyFX Economic Calendar

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

Will Senior Conservatives Back Labour Leader Jeremy Corbyn?

GBP/USD continues to edge higher and is set to end the week in a positive fashion, albeit with marginal gains. The daily chart currently shows the pair on course to make five higher lows this week, a positive sign, but the move comes off a 32-month low around 100 pips from the current spot price. The CCI indicator is suggesting that the recent move may be due to oversold market conditions being corrected.

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

Sterling has been given a boost from positive UK hard data this week with wages rising by more than expected, inflation around target, while retail sales surprised to the upside, with a little help from Amazon. On the flip side, Brexit continues to dominate the direction of Sterling.

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

The latest Brexit news revolves around Labour leader Jeremy Corbyn who has put himself forward as an interim PM and has asked for cross-party support. The plan is for a vote of no confidence in the current government to be called and won, with Corbyn to be installed as interim PM ahead of a General Election where the Labour Party will run on a Remain platform. There are media reports that a handful of senior Remain-supporting Conservative MPs are actively listening to the Labour leader’s pitch and may join him in an effort to stop the UK leaving the EU without a deal.

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

GBP/USD Price Nudges Higher on UK Inflation Uptick, Brexit Latest

EUR/GBP Price Fading Back Towards Support After Double-Digit Rally

GBP/USD Price Chart (January – August 16, 2019)

GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

Retail traders are 76.8% net-long GBPUSD according to the latest IG Client Sentiment Data, a bearish contrarian indicator. However recent daily and weekly positional changes give us a bullish contrarian bias even though traders remain net-long.

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 (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 [email protected]or via Twitter @nickcawley1.

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GBP/USD Price Action Shrugs Off No-Deal Brexit Threats

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