GBP Is Lying Low
A very calm day for the markets. To some extent because of holidays, to some extent because of strikes. The UK provided the markets with some macro- and economic news.
GBP/USD posted a session low at 1.3230 in the morning. Some buyers were waiting for the pair at these levels and it moved towards the 1.3300 handle before the soft data on construction PMI was published.
The uncertainty around Brexit talks is still negative for the Pound. The EU continued talking about the deadlock in “the divorce process”. EU's Barnier said a sufficient progress on Brexit issues had not been achieved yet while EU's Juncker said Brexit speeches wer not negotiating positions hinting at Theresa May's hyped speech in Florence.
So, no light at the end of the tunnel for GBP at the moment. At the same time, the dollar's positions are quite stable because of tax reform jitters and the high odds of a rate hike in December.
Under this scenario, GBP/USD may follow its way towards the resistance-support area of the mid-September around 1.3160-80.
GBP/USD posted a session low at 1.3230 in the morning. Some buyers were waiting for the pair at these levels and it moved towards the 1.3300 handle before the soft data on construction PMI was published.
The uncertainty around Brexit talks is still negative for the Pound. The EU continued talking about the deadlock in “the divorce process”. EU's Barnier said a sufficient progress on Brexit issues had not been achieved yet while EU's Juncker said Brexit speeches wer not negotiating positions hinting at Theresa May's hyped speech in Florence.
So, no light at the end of the tunnel for GBP at the moment. At the same time, the dollar's positions are quite stable because of tax reform jitters and the high odds of a rate hike in December.
Under this scenario, GBP/USD may follow its way towards the resistance-support area of the mid-September around 1.3160-80.
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