Great Britain Pound Attempts to Recover After Starting Session Weak

Jun 17,2019 19:08   Source:Earnforex

A column of 50 British pound notesThe Great Britain pound is currently attempting to recover after starting trading very weak. The sterling was soft due to the downgrade of economic forecasts and persisting concerns about probability of a “hard” Brexit.

The British Chamber of Commerce revised its forecast for Britain’s economic growth. The BCC upgraded the forecast for 2019 a little from 1.2% to 1.3%. But the forecasts for 2020 and 2021 got significant downgrades, from 1.3% to 1.0% and from 1.4% to 1.2% respectively.

The sterling also suffered as the lead of hard Brexiteer Boris Johnson over his opponents for the leadership of the Conservative party and the government continued to increase. That made speculators raise bets on disorderly Brexit.

Monday was very light in terms of macroeconomic data, with the Rightmove House Price Index being the only indicator released in Britain during the trading session. The report showed an increase of house prices by 0.3% in June after the gain by 0.9% in May.

GBP/USD traded at about 1.2590 as of 10:13 GMT today after closing at 1.2589 on Friday and opening at 1.2578 on Monday. EUR/GBP was little changed at 0.8906. GBP/CHF closed at 1.2566 on Friday, opened at 1.2556 on Monday and rallied to 1.2583 afterwards.

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