The Great Britain pound was the weakest currency on the Forex market during Wednesday’s trading. Initially, the euro was the second weakest but currently, the Canadian dollar replaced it, falling versus the shared European currency and trading about flat against the sterling. The drop of the UK construction index to the record low was among possible reasons for the slump of Britain’s currency.
The Great Britain pound rallied against the very weak commodity currencies but fell against majors today. The sterling was under pressure from extremely poor domestic macroeconomic data and Brexit worries but had some support from hopes for an end of the quarantine period.
The British pound today rallied higher against the US dollar despite the release of disappointing UK PMI data by Markit/CIPS as traders remained bullish on the pound. The GBP/USD currency pair alternated between gains and losses as traders fought for control at a critical resistance level ignoring the fundamentals.
The pound today traded sideways against the US dollar extending its sideways trading range for the third day in a row as investors took a break following its recent massive rally. The GBP/USD currency pair rangebound trading action was also affected by the surge in UK coronavirus deaths as deaths jumped 31% to 563, hitting a cumulative total of 2,352.
The pound Sterling today posted gains against the US dollar ignoring the weak UK PMI data points released by Markit Economics in the early Londo session. The GBP/USD steadily inched higher from the new multi-year highs posted on Last week as the British government’s lockdown measures had a positive impact on investor sentiment.
The Sterling pound today traded lower against the US dollar earlier in the session as investors stayed away from the pound amid Brexit uncertainty and risk-off market sentiment. However, the GBP/USD currency pair later recovered despite the release of weak UK PMI data by Markit Economics amid rumours that the Bank of England would cut rates soon.
The Sterling pound today attempted to rally against the US dollar, but the rally was shortlived as the greenback reversed course and drove the pound lower. The GBP/USD currency pair today rallied to its daily highs before heading lower as investor appetite for the pound waned amid a rejuvenated dollar.
The Great Britain pound recovered a bit today following yesterday’s slump caused by returning Brexit fears. The rebound was nowhere near enough to eliminate the Monday’s losses, though. Macroeconomic data showed a small improvement in Britain’s economy.
The Sterling pound today succumbed to pressure and fell from its daily highs despite the release of upbeat UK flash PMIs by Markit Economics in the early London session. The GBP/USD currency pair spiked higher briefly before falling as investors fear a rate cut by the Bank of England at their monetary policy meeting next week.
The Sterling pound today fell against the US dollar as tensions between the US and Iran escalated overnight and investors dumped riskier assets such as the pound. The GBP/USD currency pair has given up most of the gains made in December following Boris Johnson‘s landslide election win that saw the pair spike to multi-month highs.
