GBP/USD Weakens as BoJo Looks Set to be the Next British PM

After a few days of bullish run owing to the weakness in the US dollar, it’s back to weakness in GBP/USD as Brexit worries reappear on the horizon once again. At the time of writing, GBP/USD is trading at around 1.251.

There are increasing concerns in the markets about Boris Johnson becoming UK’s next Prime Minister when the results are announced on July 23. This has increased the likelihood of a no-deal Brexit as Johnson is a known Eurosceptic who has repeatedly campaigned for Britain to exit the EU on October 31, with or without a deal.

In addition, markets are concerned about a slowdown in the UK economy during Q2 2019, which have increased the possibility that the Bank of England could soon cut interest rates. The US dollar, meanwhile, strengthened slightly on Monday, causing further bearishness in GBP/USD.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
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.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers