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Market Reports

8:28am, August 8th 2019

Markets stabilise, GBP still pressured…

After the volatility-heavy Tuesday trading session things quietened down on Wednesday, with equity markets holding their composure and currency markets almost doing the same.

The pound continues to remain in a restricted short-term trading range against both its major counterparts, the euro and US dollar. It’s been within 1 cent ranges against both, not surrendering any further ground but failing to gain back any of its recent losses. The currency remains in limbo, awaiting the next dose of Brexit headlines which are now starting to be reduced as we enter the middle period of Parliamentary recess. Many MPs will be off on their holidays while the country awaits its fate as we get ever closer to the 31st October deadlines.

Both GBPEUR and GBPUSD have big support levels just below where they currently trade. These levels go back a number of years and proved key points for reversals. Clients exposed to these pairs should be aware that, if allowed to be broken, it could be a strong signal that that pound is heading further south. On the GBPEUR pair this comes in at €1.0750 and then the €1.06 price mark and for GBPUSD $1.20.

Today’s trading session is once again very light on data points. US jobless claims and wholesale inventories as well as Canadian house price index are the only releases of note.

Written by Viv Savani. 8:28am, August 8th 2019

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:35am, July 2nd 2020

Dollar Under Pressure

View Report
8:51am, July 9th 2020

Sunak’s Statement Helps Sterling Shine

View Report
8:49am, June 22nd 2020

Markets Steady as Fresh Week Begins

View Report


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