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Dec 31 - 07:24 AM
GBP/USD - REFILE-BUZZ-COMMENT-GBP/USD's 2019 In Numbers: Set To Post A Bull Close
First appeared on eFXplus on Dec 31 - 05:00 AM

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Brexit uncertainty kept GBP/USD on the boil for most of 2019, and despite spells of weakness the pound is set to end the year in the black above 1.3100.
Cable opened in January at 1.2752 and closed at 1.3218.
It rallied through February, but the bull bias started to unravel as the March Brexit deadline came and went.
GBP failed to better its monthly Ichimoku cloud, 1.3484, reaching 1.3380 before Brexit and UK political rot set in.
UK Prime Minister Theresa May's Brexit plans were rejected in parliament and sterling began a steady decline, culminating in the summer low of 1.2015.
Then Boris Johnson won the Tory leadership and fears of a no-deal Brexit sent GBP to a 1.1959 September low.
Bears eyed the significant 1.1491 October 2016 Brexit referendum low.
However, signs of progress on Brexit sent GBP higher again and a landslide Tory election win in December saw GBP reach 1.3516.
A post-election Brexit reality check knocked the pound and a 1.2900 low was seen.



GBP/USD Daily Chart: Click here

GBP/USD Yearly Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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