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November 19, 2019
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Forex

Brexit Briefing: GBP/USD Price Still Below 1.30, Commons Speaker Elected

GBP worth, Brexit information and evaluation:

  • The GBP/USD worth stays stubbornly beneath psychological resistance on the 1.30 stage and can want a push to interrupt via it to the upside.
  • A brand new House of Commons Speaker has been elected to information Parliament via upcoming Brexit debates.

GBP merchants give attention to key resistance stage

The worth of Sterling continues to commerce under 1.30, with Brexit debates within the UK Parliament on maintain till after the General Election on December 12. To break via, it is going to want a lift from pre-election opinion polls suggesting that the brand new Parliament can be in opposition to a no-deal Brexit.

For GBP/USD merchants, the important thing query is whether or not the hard-line Brexit Party will take sufficient votes from the Conservatives of Prime Minister Boris Johnson to let a extra Remain-oriented Government to take energy.

GBP/USD Price Chart, Daily Timeframe (July 19 – November 5, 2019)

Chart by IG (You can click on on it for a bigger picture)

Monday’s key information occasion was the election of Sir Lindsay Hoyle as the brand new Speaker of the UK House of Commons, who will steer future Brexit debates as soon as new Members of Parliament are elected. One concern for merchants is that the Brexit Party of Nigel Farage will take sufficient votes from UK Prime Minister Boris Johnson’s Conservatives to make a no-deal Brexit extra probably – a improvement that might probably ship the GBP/USD worth decrease.

By distinction, opinion polls suggesting advances by the anti-Brexit Liberal Democrats and the Scottish National Party would probably give Sterling the energy to advance above 1.30. The LibDems launch their election manifesto immediately, Tuesday, amid a row over their chief Jo Swinson being excluded from a proposed tv debate hosted by the broadcaster ITV. It is planning a head-to-head between Johnson and the chief of the biggest Opposition social gathering, Labour’s Jeremy Corbyn.

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— Written by Martin Essex, Analyst and Editor

Feel free to contact me by way of the feedback part under, by way of e mail at martin.essex@ig.com or on Twitter @MartinSEssex

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