The drastic drop is due to a dovish UK tone regarding economics and even more of a reason, the strengthening of the US currency. The US dollar has been plowing through all major pairs making new highs.
According to some hedge fund managers and currency experts, the US dollar rally is far from over and we are yet to see it unfold.
Chart: GBP/USD D1
The downward trend seems to be losing strength.
ReplyDeleteThere may be some retracement.
ReplyDeleteVery impressive drop so far.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteBears are still in control.
ReplyDeleteGood post.
ReplyDelete