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Pound Continues to Trade Weak, Unchanged Over UK’s GDP Release

On Friday, GBP/USD continues to trade weakly over continuing concerns about the possibility of a no-deal Brexit. While there have been no major political developments so far, frequent comments from Boris Johnson insisting on a hard Brexit are exerting downward pressure on the Sterling.

UK’s GDP figures were released sometime back and revealed that the British economy grew by 0.5% during Q1 2019, in line with expectations. So far, GBP/USD remains unchanged on this data release.

Investors are keeping away from the Pound before the official announcement of the next Prime Minister, and that has also caused a weakening in the Pound of late. Johnson continues to maintain that Britain should leave the EU on the October 31 deadline, with or without a deal.

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Arslan Butt
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Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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