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GBPUSD - Weekly Outlook: June 17-21

Release Time:2019-06-17 06:02

GBPUSD (1.2643) • The Conservative Party leadership candidacy of Boris Johnson is building a significant head of steam, with rivals either pulling out of the race or seeing their (even weak) chances fade against the runaway train that appears to be the Johnson campaign. Reports suggest a putative “stop Boris” movement among rivals but it is hard seeing this gain much traction at this point. A BoJo win—or the heightened risk of it—will further lift “no-deal” Brexit concerns and pressure Sterling. 

GBPUSD short-term technicals: Neutral/bearish—But probably leaning a little more towards the bearish than the neutral at this stage. The pound had a great chance to rally and push through the upper 1.27s but instead turned lower and crashed—today— through short-term support at 1.2654 which we figure as a minor double top trigger after two tests of 1.2764 earlier this week. This raises the possibility of an extension to 1.2540 in the next week or two.