UK Week Ahead: Brexit and the Bank of England to Steer Sterling

Brexit, Sterling, Bank of England and UK PM May:

  • UK PM May to meet EU chief Brexit negotiator Barnier.
  • Bank of England officials to testify to the Treasury Select Committee.

We have just released our Brand New Q4 Trading Forecast for GBP.

Sterling Steady for Now

The British Pound opens the week in a steady fashion as Brexit talk and rumor continue. UK PM May remains in power despite talk of a leadership challenge, although commentators believe she would win any vote of no confidence. The Prime Minister is off to Brussels for further talks with EU negotiator Barnier over the Brexit draft agreement, a plan that remains deeply unpopular in the UK. With EU leaders already making it clear that there is little or no room to change the draft agreement, it remains highly unlikely that the agreement would pass through the House of Commons.

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Bank of England governor Mark Carney and three other BoE officials will be up in front of the Treasury Select Committee on Tuesday giving their latest thoughts and views on the UK economy. Brexit will be on the agenda and governor Carney can expect a grilling on the central bank’s plans and how ready they are in the event of a no deal outcome.

The US market will see reduced turnover at the end of the week with the annual Thanksgiving holiday on Thursday followed by Black Friday, a major event in the US shopping calendar.

GBPUSD Daily Price Chart (April – November 19, 2018)

UK Week Ahead: Brexit and the Bank of England to Steer Sterling | Webinar

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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Brexit and all that it entails? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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