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Bad economic data was no problem for the British pound as risk sentiment and counter currency weakness were likely the reason for Sterling’s out performance against the majors this week.

Overlay of GBP Pairs: 1-Hour Forex Chart
Overlay of GBP Pairs: 1-Hour Forex Chart
GBP Weekly Performance from MarketMilk
GBP Weekly Performance from MarketMilk

United Kingdom Headlines and Economic data

Monday:

  • Sterling started off mixed on Monday and ultimately closed the session lower.  There were no apparent direct catalysts from the U.K., so it’s likely due to the continued negative risk sentiment fueled by the ongoing coronavirus pandemic and likely economic damage to the global economy. Sentiment actually shifted during the U.S. session towards positive (likely sparked by a pledge from the Federal Reserve to support the markets with no limits), which is likely why we saw Sterling even under perform against the Kiwi and Aussie by the end of the session.

Tuesday:

Wednesday:

Thursday:

Friday: