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Market Update

Since end of last week GBP has lost battles against its peers, noticing big losses against both the EUR and USD. Yesterday and in this morning session, we have seen continuation of concerns for the GBP against the USD. Global concerns regarding a recession in the US, have seen selloffs across markets and with the economic landscape include more risk. GBP is more sensitive to an environment when risk is increasing and therefore, we have seen GBP taking larger falls. Resistant levels for GBP/USD currently at 1.27 and at 1.16 for the EUR.

GBP did not even take advantages on poor retail sales being released for Europe this morning. Seeing a pullback to -0.3% from 0.5% in May. Since opening GBP/EUR still in red (negative), gives us a clear indication that markets currently are dovish on GBP performance with the current economic situation.

In uncertain markets, USD is common for taking advantages and with both job figures and speeches out later in the week – we could see a scenario where additional liquidity will transfer to safe-haven currency – causing additional downward pressure on GBP.

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