Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis

The British pound fell a bit during the trading session on Monday to kick off the week, reaching down towards the 1.30 level where buyer step in and pick that up a bit. At this point, it is still an open-ended question as to whether or not we can hold the 1.30 level, but obviously we are still in an uptrend regardless of what happens next. With that in mind I like the idea of buying dips but lied, I wish this dip with a little bit deeper because it gives you more room to run.

GBP/USD Video 04.08.20

Nonetheless, the market is looking very likely to find buyers sooner rather than later, and if we can take out the shooting star from the Friday session that would be a very strong sign. I am not a seller, and if we break down below the 1.30 level then I will simply look to pick up the British pound closer to the 1.2650 level, perhaps even the 1.2750 level.

The British pound has been extraordinarily strong, and I think that will continue to be the case as the Federal Reserve continues to weaken the US dollar in general. With this, it is almost as if Brexit is never going to be an issue, but I digress. At this point it is obvious that the FX markets are not paying attention to Brexit, and solely paying attention to the Federal Reserve and its loose monetary policy going forward.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.