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Weakness in the Pound Continues; Brexit, Weak Economic Data Weigh

After a few days of strengthening, GBP/USD fell lower again on Monday as Brexit issues came back in focus. In addition, the Sterling continues to trade weakly over increased rate cut sentiments and worries of further decline in UK’s economy.

As the October 31 deadline nears, economic data coming out of the UK has been turning weaker, making a rate cut by the Bank of England more and more likely. The Pound is also weak because of uncertainties surrounding the PM elections, which will continue to weigh on the currency until the results are announced on July 23.

The leading contender poised to win and become UK’s next PM is Boris Johnson, a known Eurosceptic who has repeatedly campaigned for a no-deal Brexit. At the time of writing, GBP/USD is trading at around 1.25. This forex pair could be impacted by the release of UK’s employment and wage growth data, due on Tuesday.

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Arslan Butt
Index & Commodity Analyst
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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