GBPUSD is the second-biggest loser in today’s as investors panicked after the BOE’s warning of a potential no-deal Brexit.
In this section, you will find important GBPUSD news, actionable trading ideas, and a live GBPUSD chart to help you understand the markets better.
GBPUSD is also known as Cable amongst Forex traders is the ticker symbol in FX markets that represents how many US dollars you can buy with one British Pound. The price of the pair is affected by changes in both economies and could be affected by changes in monetary policy from the Bank of England and or the US central bank, the Federal Reserve (FED).
GBPUSD is one of the major currency pairs and offers high liquidity in the markets and low spreads. Since the 2016 Brexit referendum, the pair has entered a high volatility era as investors try to evaluate what the price of GBP will be after the official divorce from the EU.
Live GBPUSD Chart
Friday, June 5, 2020 will usher in the release of yet another edition of the Non-Farm Payrolls report to the markets. The market expectation is for the US economy to have lost 8000K jobs (down from -20500K registered a month earlier), with an increase in the unemployment rate from 14.7% registered previously to 19.5%.
So far, the US markets and the US Dollar have ignored negative employment data in the last two months, as markets appear to have priced in all the negatives in advance. Emphasis has all been on the stimulus packages rolled out by the Fed and other central banks, which acted very quickly to contain the impact of the coronavirus contagion on the various economies. However, this month’s NFP report is coming at a time when the USD is taking a beating in the financial markets. The US markets are also seeing a bit of a stall and are finding it hard to stage the resistance breaks required to retake the 2020 highs.
The GBPUSD pair is sitting pretty at a three-week high even as the market braces for confrontation as the final round of Brexit talks start. The pair is trading at 1.2513, which is the highest it has been since May.
GBPUSD has recently broken resistance at the falling trendline on the daily time frame. With Brexit talks resuming tomorrow, can the currency pair extend its gains?
GBPUSD is holding well despite the broad US dollar strength. Can it hold on to support with China-Hong Kong tensions expected to rise today?
GBPUSD jumps above the 1.23 mark amid the gradual reopening of the UK economy as an improvement in sentiment drives investors away from the safe-haven USD.