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Pound Falls for Third Consecutive Session, Avoids Losses vs. Euro

July 19, 2017 at 18:21 by Vladimir Vyun

Stacks of coins and a fan of pound notesThe Great Britain pound fell today, declining for the third day in a row against its major rivals. The euro was an exception as the sell-off ahead of the policy announcement from the European Central Bank made the shared 19-nation currency even weaker than the currency of the United Kingdom.

Previously, the sterling was getting support from expectations of monetary tightening from the Bank of England. But the central bank signaled that its decision will be data-dependent, and the recent economic data was not that great. Namely, inflation missed the mark, failing to meet economists’ expectations. Now, traders wait for a retail sales report due to release tomorrow.

Of course, the Brexit negotiations between Great Britain and the European Union was also a factor that was weighing on the pound. Any sign that Britain will lose access to the single European market will likely be devastating for the currency.

GBP/USD declined from 1.3038 to 1.3019 as of 18:12 GMT today. GBP/JPY went down from 146.08 to 145.49. At the same time, EUR/GBP slid from 0.8858 to 0.8841.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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