Trade Analysis & Reviews: 13.11.2018 - The pound has reached a...

13.11.2018 02:40 PM

The pound has reached a 10-day low, and this is not the limit

On the eve of the pound, it kept at its 10-day lows, as the newly gaining dollar and lower expectations for Brexit pushed traders to sell the British currency.

Under the conditions of unstable trading, the pound sterling fell to its weekly minimum of 1.2827 US dollars per pound, playing back the negative on the prospects for the Brexit deal.

Later, the pound rose by about half a percent from the daily minimum against the background of the publication of the Financial Times report, where, with reference to EU Brexit negotiator Michel Barnier, it was said that the main elements of the deal were ready.

However, the subsequent refusal of these statements by the representative of Prime Minister Theresa May sent the pound back to his 10-day lows.

While some European officials are still determined that the deal between London and Brussels can be reached in the coming weeks, traders and investors still look at the situation much more skeptically.

Industry experts believe that the pound has not yet won back all the possible negatives from delaying the transaction on Brexit, in connection with which the rate of the British national currency may lose even up to 2% in the next two weeks.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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