GBP/USD: Cable Continues to Coil as Brexit Suspense Builds

GBP/USD: Cable Continues to Coil as Brexit Suspense Builds

GBP/USD Talking Points:

– Brexit dynamics continue to push prices in the British Pound in both directions with the net of last week being a loss of 141 pips. Within this range, however, was considerable volatility as last week’s gap-lower was faded-out on news that Brexit negotiators had come to a draft of a deal. Gains entirely slipped away on Thursday morning, however, on news that Brexit minister, Dominic Raab, was going to resign his post.

– Despite last week’s events, there still remains a brutal lack of clarity around Brexit. The deal draft appears to have considerable opposition and it doesn’t seem as though British PM Theresa May will be able to push it through Parliament. This leaves even more questions around the matter, and tomorrow morning will see BoE Governor, Mark Carney, taking questions from the Treasury Select Committee.

– DailyFX Forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX

Article source: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2018/11/19/gbpusd-cable-price-continues-coil-brexit-suspense-builds-outlook-srepstans.html