Dollar strength has been notable in G7 over the last two sessions taking cable towards the lower end of its recent range.
Second quarter UK GDP this morning confirmed the UK has contracted over 20% in Q2, making it the worst decline out of any of the major European country.
The general mood in the UK seems to have darkened over the recent days, with comments from Boris Johnson and Rishi Sunak warning about the future state of the economy and further job losses as business continue to struggle for cash amidst lack of demand.
Despite this cable has bounced of the recent lows since walking in, although expects moves up to 1.31/1.3120 to be sold into.
EURGBP has also found a bit of a base, and with the recent move lower in the Euro it should be a good way to express a bearish GBP view whilst eliminating the intraday twists and turns of the dollar.
Second quarter UK GDP this morning confirmed the UK has contracted over 20% in Q2, making it the worst decline out of any of the major European country.
The general mood in the UK seems to have darkened over the recent days, with comments from Boris Johnson and Rishi Sunak warning about the future state of the economy and further job losses as business continue to struggle for cash amidst lack of demand.
Despite this cable has bounced of the recent lows since walking in, although expects moves up to 1.31/1.3120 to be sold into.
EURGBP has also found a bit of a base, and with the recent move lower in the Euro it should be a good way to express a bearish GBP view whilst eliminating the intraday twists and turns of the dollar.
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