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Choppy Day for the Pound

Arron Morris Currency Broker - Choppy Day for the PoundWritten by
Arron Morris
Senior Currency Broker
T: 01442 892 065

It has been a choppy day for the GBP/USD cross, with the currency pair bouncing between $1.2140 and $1.22.

As you can see from the graph below the pound was able to take advantage of a weakening dollar, as a speech from ECB President Mario Draghi caused investors to pull out of the US and head back to the euro.

Draghi stated it was less necessary for the ECB to help the market with ultra-loose monetary policy, and that the central bank had removed the reference of using all available measures to increase inflation and growth.

However, the gains did not last long and as we approached the close of the London session the GBP/USD was trading back under $1.2150.

GBP/USD exchange rate graph

GBP/USD exchange rate graph

All eyes will now turn to tomorrows US Non-Farm payroll report, and if the reading is positive it should cement calls for the Federal Reserve to increase interest rates next week.

If the Fed do decide to take action we could see the dollar strengthen further and we could easily see the GBP/USD fall further and I wouldn’t be surprised to see the pair under $1.21 in the coming days.

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Arron Morris
Senior Currency Broker
T: 01442 892 065

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