Market Analysis

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August 3, 2020 10:29 am

GBP/USD. August 3, 2020 – Sterling started to decline from highs

Monday starts with a moderate weakening of the pound sterling after rising to the level of 1.3100. The current quote for the GBP/USD pair is 1.3000. Rally of the British currency lasted 11 days in a row; experts note that such a growth of the pound has not been observed for a whole decade.


Today, the sterling was under pressure from the statistics on business activity in the UK manufacturing sector for July. The indicator rose from 50.1 points to 53.3 points. However, the latest data turned out to be worse than the forecast for growth to the level of 53.6 points, which had a negative impact on the exchange rate.


Additional negativity comes from the uncertainty surrounding Brexit. Negotiations between the UK and the EU are failing, and the likelihood that the country will leave the EU without a full-fledged trade agreement is growing every day.


A meeting of the Board of the Bank of England will take place on Thursday. Market participants expect that all parameters of the regulator's monetary policy will remain unchanged.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.