Sterling Struggles Ahead of Theresa May’s Speech
January 16, 2017 11:09 amVideo
Latest News
- GBP/USD. Analysis for April 8th. The pound remains expensive despite everything April 8, 2024
- Could the ECB adopt its June 2022 playbook and preannounce a rate cut? – Preview April 8, 2024
- Trading Signals for GBP/USD for April 8-10, 2024: buy if breaks 1.2634 (3/8 Murray – symmetrical triangle) April 8, 2024
- Trading Signals for EUR/USD for April 8-10, 2024: buy above 1.0833 (3/8 Murray – 21 SMA) April 8, 2024
- EUR/USD. Analysis for April 8th. The euro will continue to decline April 8, 2024
- US CPI data unlikely to ease sticky inflation worries, but will markets care? – Preview April 8, 2024
- Technical Analysis – AUDUSD surpasses SMAs within trading range April 8, 2024
- Weekly Technical Outlook – USDJPY, EURGBP, USDCAD April 8, 2024
- Video market update for April 08, 2024 April 8, 2024
- US dollar enjoys gains April 8, 2024
- Weekly Technical Outlook: 08/04/2024 – USDJPY, EURGBP, USDCAD April 8, 2024
- EUR/USD and GBP/USD: Technical analysis on April 8 April 8, 2024
- Euro could tumble after ECB meeting April 8, 2024
- EUR/USD. April 8th. Preparations for the ECB meeting are in full swing April 8, 2024
- GBP/USD. April 8th. Nonfarm Payrolls did not help the dollar April 8, 2024
- Technical Analysis – US 500 index slides beneath rising trend line April 8, 2024
- Overview of the GBP/USD pair. April 8th. US inflation may present a new unpleasant surprise April 8, 2024
- Overview of the EUR/USD pair on April 8, 2024 April 8, 2024
- Market Comment – Stocks climb after sizzling US jobs report April 8, 2024
- Weekly forecast based on simplified wave analysis of GBP/USD, AUD/USD, USD/CHF, EUR/JPY, EUR/GBP, and the US dollar index April 8, 2024
Theresa May will make a speech outline her plans for Brexit tomorrow, on Tuesday 17th Jan, before she triggers Article 50 to leave the EU. The key points of her speech including immigration control, leaving the jurisdiction of the European Court of Justice. On Sunday 15th Jan, Sunday Telegraph reported that the UK Prime Minister Theresa May is heading for a hard Brexit, will pull the UK out of the EU single market and custom union. Sterling fell to a three-month low this morning, ahead of Theresa May’s Brexit speech. On Monday 16th Jan, EURGBP surged more than 1%, to a two-month high of 0.8851. GBPUSD fell below 1.2000, hitting the lowest level for three decades at 1.1985, breaking the support level at 1.2000, and the low in last October. This morning, GBPUSD has rebounded after testing the significant support line at 1.2000. The price is currently testing the support level at 1.2050. The 4 hourly Stochastic Oscillator is below 30, suggesting a rebound. Yet, on the 4 hourly chart, the 10 SMA crossed over the 20 SMA, the bearish momentum is strengthening. Be aware of the upside selling pressure. The resistance level is at 1.2080, followed by 1.2100 and 1.2120. The support line is at 1.2050, followed by 1.2020 and 1.2000. Be aware that Sterling can be very volatile before and after Theresa May’s speech. We will also see the release of a series of the UK economic data for December tomorrow, at 09:30 GMT. It includes PPI, Core PPI, CPI and Core CPI figures (YoY and MoM), which will also influence the strength of Sterling.
Source: FX Pro Market Snapshot
Related Posts: