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GBPUSD- Weekly Outlook: June 10-14

Release Time:2019-06-10 03:40

GBPUSD (1.2709) • A by-election Thursday saw Labour retain its Peterborough seat, albeit with a significantly reduced share of the vote. The insurgent Brexit Party split the Labour/Conservative vote but failed to make a breakthrough to win a seat in parliament. The result has prompted some minor relief support for the GBP as it suggests Conservative Party leadership hopefuls may not have to strike such an ardent anti-EU tone to win support from MPs and the party membership. We think this is a dubious assumption, however. Note PM May steps down today. House prices rose 0.5% in the May month, the Halifax House Price Index showed today – an unexpected gain which hints at some stabilization in the sector. 

GBPUSD short-term technicals: neutral/bearish – Cable is trapped in a range. Spot looks a little better supported but needs to break through 1.2745 to signal more upside scope. We note intraday support at 1.2670. Intraday trend and oscillators lean towards a little more strength developing in spot in the short term. Longer term signals continue to tilt bearishly, however, suggesting short-term gains are a fade.