Market Research: GBP

Source: Dukascopy Bank SA
The Sterling had the bearish bias from the very beginning—already last Wednesday the market started to slowly sell-off the currency, even though the fundamental background favoured an increase in demand because of the better-than-expected services PMI. A similar picture was observed the next day—the Pound lost even more ground, as the BoE remained unwilling to raise the rates, citing slow inflation and weak wage growth. At the same time, it is interesting to note that GBP was the least sensitive currency to the rate cut by the ECB—while most of the other currencies moved 0.5% or more, the Sterling just moved 0.11%.

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