What’s moving the GBP right now?

Giles Coghlan LLB, Lth, MA Financial Source

As of 0653BST this morning the GBP was sold on the news that N.Ireland's DUP says that as things stand, ‘we cannot support what is being suggested on customs and consent issue. The DUP are necessary for Boris Johnson to get the deal through Parliament, so their support is critical. Elsewhere, ITV's Peston reported that EU leaders can still ratify before the weekend if the legal text could be agreed by 0800BST. If that report is correct, the latest news from the DUP has made that ratification impossible before this weekend. So, we are back to seeing the GBP move on headlines. The ones to watch are issues involving consent and customs for the DUP, a Brexit extension, and any shifting in ground from the EU on the DUP's sticking point. The GBP fell more than 0.4% on the news this am and GBPUSD was down to 1.2765 on the headlines.

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Giles Coghlan LLB, Lth, MA

Financial Source

Giles is the chief market analyst for Financial Source. His goal is to help you find simple, high-conviction fundamental trade opportunities. He has regular media presentations being featured in National and International Press.

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