Kenny Fisher
Add to Bookmarks

GBP/USD is sharply higher in Friday trade. Currently, the pair is trading at 1.3437, up 2.03% on the day.

Boris Wins Big

Prime Minister Boris Johnson led his Conservative party to a resounding win in the hard-fought British election. Early election results indicated the Tories had won 368 seats, a comfortable majority of the 650 seats in parliament. The Labor party managed to win only 203 seats, the party’s worst showing since 1935.  As one television reporter noted, years of infighting over Brexit had led to ‘Brexhaustion’, and an exasperated electorate gave two thumbs up to the Conservatives’ simple, yet effective slogan of “Get Brexit Done”.

Know where GBP/USD is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


The Pound

The markets were delighted with the election results, as the pound climbed over 2 percent. The currency briefly rose above the 1.35 line, its highest level since May 2018. We could see some retracing by GBP/USD after such sharp gains due to profit taking, but for now, it’s euphoria in the markets.

Technical Analysis

GBP/USD posted huge gains late on Thursday, blowing resistance lines out of the water. The pair tested resistance at 1.35 but has retracted. On the downside, there is support at 1.3380.

GBP/USD 4-Hour Chart


Pacific Currencies – Summary


Trade Agreement Sends Yuan Higher

USD/CNY has steadied on Friday, after posting sharp losses on Thursday. The pair has fallen below the 7.000 for the first time since early November. The yuan jumped 0.80% on Thursday, after the announcement that the U.S. and China had reached a limited trade agreement in principle. This is a very significant development, and will likely mean the elimination or reduction of tariffs between the two countries.


AUD/USD has posted gains for a third straight day, and is up 1.2% this week. Currently, the pair is trading at 0.6922, up 0.19% on the day. The announcement that the U.S. and China have reached a trade deal in principle has helped boost the Aussie.


NZD/USD is unchanged on Friday, trading at 0.6619. The pair has gained 0.8% this week and is currently at its highest level since late July.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker