After four consecutive days of heavy losses, the Pound finally seems to have steadied against its US rival, the greenback. Nonetheless, it is on track to record the largest single month's decline in more than two and a half years, largely on investors' expectations that the UK will leave the EU without a deal in place. Analysts don't believe that the Pound will continue to have positive sentiment, however, given the Prime Minister's vow to leave regardless of the absence of a favorable Brexit deal. Given the current trend, currency strategists say that the Pound will close out the month with an overall loss, for the third month in a row.
As reported at 11:26 am (GMT) in London, the GBP/USD was trading higher at $1.2165, a gain of 1.391%; the pair is moving off the session trough of $1.2146 while the peak was at $1.2177. The EUR/GBP is lower at 0.9160 Pence, down 0.1994%; the pair has ranged from 0.91570 Pence to 0.91810 Pence in today's session.
Johnson Visits Northern Ireland
Today, Boris Johnson is visiting Northern Ireland, and FX traders are waiting to hear if any of his comments, prepared or otherwise, will impact the currency. The border issue has been a contentious one during the previous Brexit discussions and how Johnson handles it is of keen interest. One Sinn Fein politician has said that if a no-deal Brexit is in the works, they will push for a referendum that would call for Northern Ireland leaving the UK.