Pound Back to Trading Bearish After a Brief Respite on Strong Inflation Figures

Following a brief bounce higher on the back of a strong inflation report from the UK yesterday, GBP/USD trading in a range over Brexit uncertainties. At the time of writing, GBP/USD is trading at 1.205, around a 30-month low.

On the Brexit front, PM Boris Johnson continues to hold the EU responsible for not willing to renegotiate a better deal than the current withdrawal agreement. He blames the EU for being forced to consider leaving EU without a deal on the October 31 deadline.

Meanwhile, political tensions surrounding the exit are building up with the Parliament getting ready for a showdown between Brexiteers and pro-EU leaders when they reconvene on September 3. With just a couple of months to go for Brexit, lawmakers are desperately looking for ways to either delay Brexit or block BoJo’s no-deal Brexit plans.

According to Former Chancellor Philip Hammond, Johnson risks wrecking whatever little chance there is of renegotiating a better Brexit deal by insisting on leaving the EU without a deal. Meanwhile, BoJo is accusing MPs who are considering blocking his plans for Brexit of colluding with the EU.

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