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GBP Reaches 7 Day High Following Forex-Dollar 7 Week Low

ICE Markets

Due to the UK Prime Minister’s recent resignation announcement and continuing Brexit negotiations, the Sterling has been impacted negatively in recent weeks. However, the weakness of the US Dollar again this week has lead the way for a seven day peak for the GBP. ICE FX report that this could be due to US President Trumps visit to the UK, which has temporarily moved media focus over to his visit rather than the ongoing trade war. In addition, both fiscal and monetary policy alterations by the Federal Reserve are now extremely likely and the impact this will have on the US Dollar are visible predictors for traders. On Tuesday Trump promised a ‘phenomenal’ post-Brexit deal for the UK, however ICE FX acknowledge this has had little impact on the Sterling, as the new Prime Minister leadership race and British Brexit negotiations continue to dominate trading. This morning ICE FX report that the GBP remained at 1.2701 after a previous rise to 1.2723.

The Dollar continues to struggle after 7 weeks of lows, which prompted US central bank officials to hint at future interest rate cuts. In a recent speech St. Louis Federal Reserve President James Bullard said that rate cuts would be ‘soon.’ This was followed by US Federal Reserve Chairman Jerome Powell being cited as saying the Fed were being ‘patient’ as they approach a decision on rates. However, on Tuesday he opted to reword his statement citing that the Fed would respond ‘appropriately’ to the pressure of the trade war. The speculated interest rate cuts come due to the continuing rise of trade risks and global growth and would aim to prevent economic down turn.

Between the Prime Minister’s resignation in just a few days, the current US Presidential visit to the UK, accompanied with the on-going Brexit and trade war negotiations, ICE FX feel it is safe to report that the financial markets confidence is currently rattled. Additionally, IG Client Sentiment data indicates that the GBPUSD pair have a negative outlook with 81.5% of traders experiencing a low bearish trading bias. However, the recent rise in the GBP today indicates a stronger bearish trading bias for GBPUSD. So how does this impact potential traders within the Forex sector?

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Source: https://ice-fx.com/en
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