- Analytics
- News and Tools
- Market News
- GBP/USD back into negative territory after BoE statement
GBP/USD back into negative territory after BoE statement
- Bank of England is monitoring developments in financial markets.
- Pound remains under pressure, still looking for support.
- GBP/USD back under 1.0700, heads for record low close.
The GBP/USD pair is at the lowest level since the European session following a statement from the Bank of England and also amid risk aversion. Cable is back into negative territory trading around 1.0660, down almost 200 pips from Friday’s close.
On Asian hours the pound suffered a historic drop to 1.0315, a record low and then rebounded 600 pips. The recovery lost momentum and GBP/USD is back under pressure.
The dramatic depreciation of the pound weighed on global market sentiment on Monday and also prompted a statement from the Bank of England. The central bank said it is monitoring development in financial markets very closely and welcomed government’s commitment to sustainable economic growth. The comments did not help the pound which lost momentum afterwards.
Equity markets also turned to the downside during the last hours also affecting the pound, that has become more sensitive to risk aversion. In Wall Street the Dow Jones is falling by 1.05% and the Nasdaq 0.43%.
Technical levels
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
