- Pound under pressure, cable falls under 1.1400.
- EURGBP heads for highest daily close since October 11.
The EURGBP rose further during the American session and strengthened the rally after breaking above 0.8800. The cross peaked at 0.8820, reaching the highest level since October 11.
The pound is among the worst performers in the G10 space on Wednesday. The currency remains vulnerable after two months of political and economic tensions in the United Kingdom. The caution tone across financial markets is not helping the pound. The Dow Jones is falling by 0.87% and the Nasdaq drops by 1.25%.
The slide of GBPUSD below 1.1400 added to the broad-based slide of the pound. As of writing, Cable is trading at 1.1370, the lowest in two days, down more than 150 pips.
“Over the coming weeks, we would expect GBP investors to be focused on the impact of the November 17 Autumn Statement, the ability of PM Sunak to hold the Tory party together, the outlook for UK growth/recession and BoE interest rates. We would expect issues surrounding the (Northern Ireland) protocol only to have a clear impact on GBP as any related deadlines approach. We are yet to be persuaded to alter our bearish view on the pound and maintain a 3-month forecast of EUR/GBP 0.89”, said analysts at Rabobank.
|Today last price||0.8797|
|Today Daily Change||0.0066|
|Today Daily Change %||0.76|
|Today daily open||0.8731|
|Previous Daily High||0.8744|
|Previous Daily Low||0.8692|
|Previous Weekly High||0.8785|
|Previous Weekly Low||0.8572|
|Previous Monthly High||0.8867|
|Previous Monthly Low||0.8572|
|Daily Fibonacci 38.2%||0.8724|
|Daily Fibonacci 61.8%||0.8712|
|Daily Pivot Point S1||0.87|
|Daily Pivot Point S2||0.867|
|Daily Pivot Point S3||0.8648|
|Daily Pivot Point R1||0.8753|
|Daily Pivot Point R2||0.8774|
|Daily Pivot Point R3||0.8805|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.