GBP/USD: Wary Of Fading Weakness Here As USD Remains Well Supported – BNPP

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The pound rocked and rolled on Brexit woes and data. What’s next?

Here is their view, courtesy of eFXdata:

BNP Paribas discusses GBP outlook and warns from fading GBP weakness around current levels especially as long as the USD strong momentum remains in place for now.

“The UK data calendar is quieter next week, leaving split screen focus on Brexit developments in the UK and in Europe. UK Prime Minister May’s position remains precarious but she appears poised to avoid a leadership challenge for now, while we expect EU leaders to be careful not to undermine her by rejecting the government’s White Paper outright.

Against this backdrop, EURGBP could lose some momentum, but we would be wary of fading GBPUSD weakness as the USD remains broadly well supported,” BNPP argues.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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