Friday September 20, 2019 - 16:09:16 GMT
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Forex Survey Results: Where is GBPUSD Headed?
The results of our online survey, Where is GBPUSD Headed/, showed a mixed outlook reflecting the uncertainty surrounding Brexit.
The following questions were asked in the survey:
1. Which GBPUSD level do you expect is more likely to trade next?
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GBPUSD 1.20
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44.4%
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GBPUSD 1.30
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50.0%
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Neither
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5.6%
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2. Where will GBPUSD be trading at yerend?
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GBPUSD 1.10-1.20
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22.2%
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GBPUSD 1.20-1.30
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38.9%
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GBPUSD 1.30-1.40
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27.8%
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GBPUSD 1.40-1.50
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11.1%
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As with all of our surveys, we strive to look beyond the numbers by including an optional field for additional comments. This proved invaluable in our Brexit tracking survey, which was one of the few to call the outcome dead on as the sentiment expressed by participants showed a conviction to vote to leave the EU.
In this survey, those looking for GBPUSD to be supported saw the current news flow to be a win-win for the currency. Comments by several participants n our survey indicated a hope that there would be not be a no deal Brexit. It was noted that either a Brexit delay or a last minute agreement was the most likely outcome.
On the other side, some pointed out how fickle sentiment could be and would look for how the forex market reacted to news headline to gauge underlying GBPUSD strength or weakness.
Similarly, U.S. equities seem to be supported by hopes that there will eventually be an eventual trade deal with China. The key word is hope as that is what seems to be supporting GBPUSD at the moment.
GBPUSD: As if this writing the currency is trading around 1.25 after reaching a high at 1.2582 on some Brexit optimism only to see it reverse course and trade back below this level as the news flow dampened some of the positive sentiment. In any case, 1.25 is midway between a 1,20-1.30 range and a level that will likely act as a barometer of Brexit sentiment.
A look at a GBPUSD daily chart with the rates courtesy of the top tier forex broker, IG US, and the trading lines generated by the Amazing Trader.
Jay Meisler, founder
Global-View.com
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