We conducted a Free Seminar “Brexit and the Impact on Poundsterling” on Saturday November 2, 2019. Below is a brief summary and the recording of the seminar.
Latest development on Brexit suggests the deadline has been extended to January 31. PM Boris Johnson doesn’t get enough support by the MPs to ratify his Brexit deal. As a result, the U.K will have an election on December 12. There are several options based on the results:
- Conservative win. If PM Johnson’s party wins a majority, then the UK likely leaves European Union on or before January 31
- Labour win: If the main opposition party wins a majority, then there will be second referendum on Brexit
- Conservative / Labour minority government
- Hung parliament: No party wins outright majority and able to form minority government
In the seminar, we are looking at the Elliot Wave outlook for several Poundsterling pairs to give us the outlook for months ahead. $GBPAUD and $GBPNZD in particular show incomplete bullish sequence from October 2016 low, favoring more upside. GBPUSD also will show 5 waves up from September 3, 2019 low if the pair can rally 1 more leg higher. This suggests that Poundsterling likely will remain supported in the months ahead. We also look the Dollar Index and notice how the Dollar starts to reverse after the Fed announced balance sheet expansion.
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