Search ForexCrunch

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