Posts Tagged ‘GBP’

Sterling steadied on Monday (September 12) after its first week of losses in four, with traders debating whether the currency had topped out for the moment as they awaited a speech by U.S. Federal Reserve board member Lael Brainard.

The pound dipped last week against the dollar and euro but has broadly done well in the past month as a handful of economic indicators suggested the UK economy was holding up better than expected after June’s vote to leave the European Union.

It was up roughly 0.3 percent at $1.3304 and 84.37 pence per euro by 3.30pm on Monday (September 12).

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Sterling traded close to a three-week high against the dollar on Thursday (August 25) and was on track for its best week in six, with worries over the economic impact of Britain’s vote to leave the European Union easing a little after recent better-than-expected data.

The pound was also on track for its best week in six weeks against the euro, having hit a two-week high against the single currency on Wednesday (August 24).

Short positions on sterling had reached a record high of 94,238 contracts in the week to August 16, and traders said many speculators had this week been unwinding bets and booking profits, which had helped lift the currency.

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The pound fell even as a report showed the UK’s annual inflation rate rose more in June than economists forecast.

Sterling weakened versus most of its 16 major peers. UK consumer prices climbed 0.5 per cent last month from a year earlier, the Office for National Statistics said in London. Analysts had expected the rate to rise to 0.4 per cent, from 0.3 per cent in May, according to the median estimate in a survey by news agency Bloomberg. The Bank of England’s 2 per cent inflation target was last reached in December 2013.

The Bank of England signalled last week it is readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. Minutes of the BOE’s July meeting showed most members of the Monetary Policy Committee expect policy to be loosened next month.

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Prime Minister David Cameron has said Thursday’s (June 23) referendum on Britain’s membership of the European Union was likely to be very close but he also predicted a “remain dividend” in investments if Britons voted to stay in the 28-nation bloc.

With just two days to go until the referendum that will shape the future of Europe, opinion polls have indicated that British public opinion is so divided that the outcome is too close to call.

Meanwhile, Swiss investment bank UBS warned its clients on Tuesday (June 21) it may fail to execute some orders on its electronic trading platform should this week’s Brexit referendum affect liquidity or cause extreme volatility.

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With the Brexit vote taking place in less than 48 hours, many Forex online traders (Foreign Exchange Market) are sweating at their palms. Numerous, who are trading, had said that the markets were looking incredibly risky. Investors have been closely been following the vote. The vote will take place on Thursday. According to recent polls, the vote is set to be substantially close.
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The pound rallied the most in three weeks after a poll of UK voters released on Monday showed people who support a campaign to remain in the European Union exceeded those saying they will vote to leave by a wider margin than last month.

Sterling rose against most of its 16 major peers after the ORB/Telegraph poll showed 55 percent of respondents were in favour of remaining in the European Union, while 40 percent wanted to leave.

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Two encouraging pieces of news emerged from the UK economy on Tuesday, both of which are likely to give the British Pound a boost in the currency markets and will be of keen interest to anyone involved in online Forex trading.

Stronger Growth Than Expected

The first of these was the announcement from the CBI that the British economy expanded at a faster rate in the past quarter than it did in the quarter before that.
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The young businessman, probably somewhere in his 20′s, recently visited the Playground Club in Liverpool where he spent close to 320,000 dollars (203948,80 GBP) on liquor. He ordered a 30-liter (6,6 gallons) bottle of the world’s most expensive champagne, a double (more…)

Sterling Pound against US Dollar is now in an up-trend after bottoming at 1.4425. How long will it continue? Let us look at the latest currency graph for GBP/USD.

Current intraday support levels are at 1.5589 and 1.5710, while weekly resistance levels are at 1.6460 and 1.70. It’s no secret that many analysts expect Sterling to rise against the dollar. If the US economy continue to show poor statistics, we believe GBP will rise sooner rather then later.

What do you think about the latest strength for GBP? Will it continue or break down?

After a few days of discussions, many observers believe Tories and Liberal Democrats are forming a coalition government in United Kingdom. Currency analysts are now relieved that Gordon Brown seems to step down as Labours leader from September this year.

The new government are likely to cut borrowing sooner then a Labour government would and in general, it should do well for the economy and the british currency. Forex analysts already predict a hung parliment between conservatives and liberal democrats and they seem to like it – pound sterling rose by almost 1 % today. Interest rates (more…)

The pound sterling has been declining during most of this year, but maybe we are about to see a turning point now?

As you can see in the GBP minute graph, the Pound Sterling have been increasing against US Dollar before Easter holidays starts.

In the longer forex charts for GBP/USD, it looks like the GBP (more…)