Trading news

Sterling pairs and the ''flash crash''

The sterling declined aggressively, since today’s early trading session, thus the GBP/USD having dropped to as low as 1.1800 before stabilizing once again back to 1.2460.

Sterling trades in a thin environment

The traders and the investors interpreted this move as ''flash crash'' possibly triggered by automated trading and / or the ''big guys'' in an environment that was mostly thin.

The aggressive, and out of control, bearish move brought many orders to reach their stop-loss around the 1.2000 level on the GBP/USD, and across all other GBP related currency pairs.

The big question is whether this was just an accidental condition or if a similar event could take place again in the short-term?

As per the UBS CIO currency strategist, Dean Turner, yesterday's move on the GBP/USD confirmed the predictions for declination to 1.25.

Furthermore, the Brexit outcome was not such a barrier so as to create ''hassle'' to the pound, with the U.K markets, though, enjoying the competitiveness amid a weaker sterling.

Dean Turner highlighted further that the devaluation of the sterling imposed the British nation into a bigger deficit.

Moreover, clarity will likely be achieved after the Brexit negotiations, as uncertainty will cease amid the nation's currency finding major support.

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Friday, 07 Oct, 2016 / 12:59

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/sterling-pairs-and-the-flash-crash

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