Creeping Higher Ahead of Brexit Talks

GBP price, Brexit news and analysis:

  • GBP/USD continues to rise within an upward-sloping channel on the charts in place since Thursday last week.
  • That suggests further near-term gains as the EU and the UK prepare for talks next week on the future relationship between the two that will likely be awkward.

GBP/USD continues to climb

GBP/USD remains in an upward channel on the charts, suggesting further short-term gains even though negotiations that begin Monday between the UK and the EU on their relationship after Brexit will likely be tough.

GBP/USD Price Chart, One-Hour Timeframe (February 20-26, 2020)

Chart by IG (You can click on it for a larger image)


Data provided by

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily -13% 15% -4%
Weekly -10% -11% -10%

For now, the key levels to watch are 1.3031 to the upside and 1.2923 to the downside, with any break of these channel trendlines expected to send GBP/USD higher or lower respectively.

The pair’s modest advance over the last few sessions has come despite concerns that the talks starting Monday will be hard, with issues such as the Irish border, fishing and a rejection by the UK of a future alignment with EU rules all possible hurdles.

The first round of negotiations will take place in Brussels from Monday to Thursday, followed by a second round in London later in March.

GBP Forecast

GBP Forecast

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— Written by Martin Essex, Analyst and Editor

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