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GBP/USD bounces off 1.3000 – New post-Brexit low

Another milestone in the pound’s post Brexit fall is seen in the post-Independence Day trading session. The main culprit has been the construction sector and the fund freezes – emergency measures that prohibit investors to withdraw funds.

GBP/USD dips its feet under 1.30 but is not going too far.

Update:  GBP/USD goes deep under 1.30 – levels to watch

Three property funds  announced  a fund freeze in the past 24 hours: it began with Standard Life, continued with Aviva and became stronger with M&G – the latest to announce but probably not the last.

The construction sector has led the recovery and could lead the downturn.

BOE Governor did not help: while he  explained how his institution was doing everything it could to stabilize the situation and provide  liquidity, he did not paint a positive picture. Once again, Carney  said that risk are being  materialized and that prospects are not really positive.

More: Brexit – all the updates in one place

Here is how this dip looks on the chart.

GBPUSD new historic low July 5 2016

 

Yohay Elam

Yohay Elam

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 a 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.