UK Week Ahead: Renewed Brexit Fears Weigh on Sterling | Webinar

• The EU is ‘strongly opposed’ to the UK Chequers plan
• BoE governor to address the Treasury Select Committee on Tuesday.

show of traders are 67.0% net-long of GBPUSD, normally a bearish contrarian indicator. However recent sentiment shifts give us a mixed outlook for the pair.

STERLING RATTLED ON BREXIT – WILL BOE CARNEY AGREE TO EXTEND?

GBPUSD gave back nearly all of its recent gains after the EU seemingly poured cold water on the UK future trade agreement plans. After popping above 1.3000 mid-last week, the pair has slipped back 1.2900 and towards support between 1.200 and 1.2850. Today’s worse-than-expected UK manufacturing PMI did not help Sterling’s cause either, although holiday-thinned markets are keeping moves restricted.

GBPUSD DAILY PRICE CHART (NOVEMBER 2017 – SEPTEMBER 3, 2018)

On Tuesday, BoE governor Carney is one of four MPC members who will answer from the Treasury Select Committee. While the TSC will ask about the thought process behind the recent rate hike, governor Carney may be asked about whether he will extend his tenure past his expected end date of late-June 2019. If Carney does extend – due to Brexit – Sterling may get a slight boost ahead of Wednesday’s services and composite PMIs.

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