- It has been a day of complex Brexit news.
- GBP has now settled 0.19% lower on Thursday.
Fundamental backdrop
It has been a day of mixed messaged and interesting price action as lots of Brexit headlines hit the wires. The beginning of the session was full of negativity there was short-lived after UK MP Michael Gove stated that "differences in Brexit talks still remain and the UK are looking at steps to safeguard borders after Brexit". Then approximately an hour or so later Ursula Gertrud von der Leyen the president of the European Commission said that the EU has sent formal notice to the UK for breaching its obligations under the Withdrawal Agreement. This was to be expected and any legal action could take months.
Adding to this flurry of news EU's Barnier then had his say noting that the EU would not sign a trade deal with the UK while the current internal market bill is in place. Following this, the UK PM Spokesman said the UK are committed to working through the joint committee to find a solution to the Northern Ireland protocol.
GBP/USD 30-min chart
The 30-minute chart shows the extent of the volatility in the session on Thursday. The price has now settled in the middle of the 160 pip range close to 1.2895 - 1.29. The area marked in orange is closed to the 1.29 area and is now the focal point of the congestion area.
If the price does close near the current level it will end the row of three consecutive positive closes in the pair and this may signal a reversal in the trend. There could be some sideways action first however but tomorrow the market will get the latest non-farm payroll data and this could cause some more volatility.
-637371690975213982.png)
Additional levels
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended content
Editors’ Picks
EUR/USD holds gains near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold price defends gains below $2,400 as geopolitical risks linger
Gold price is trading below $2,400 in European trading on Friday, holding its retreat from a fresh five-day high of $2,418. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row, supported by lingering Middle East geopolitical risks.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.