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GBP/USD – Article 50 Statement Hits GBP (Video)

The pound has come under a little bit of pressure after a spokesman for Theresa May revealed that the UK PM will trigger article 50 on 29 March. While the timing of the triggering of article 50 comes as no surprise given that May had previously vowed to do so before the end of March, it does show that sterling remains sensitive to Brexit related headlines, even those that are already widely known.

While the drop off in the pound isn’t too severe, it was enough to take it into negative territory for the day. It also acts as a reminder that the next two years will likely continue to be volatile for the UK currency as well as the FTSE and UK Gilts, with traders still concerned about the road the country is on.

In the below video Senior Market Analyst Craig Erlam discusses the announcement and gives his analysis on the daily, 4-hour, 1-hour and 15 minute charts.

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [7]

Senior Market Analyst, UK & EMEA at OANDA [8]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all [7])