The British pound fell last week, as the overall bearish pressure on Sterling continues. Ultimately, this is more or less a build of confidence, as the Teresa May government continues to struggle. These are very important times for the United Kingdom, as they negotiate the exit from the European Union. Because of this, confidence is waning as the political rhetoric continues in the United Kingdom.
On today’s DailyFX website, Analyst and Editor, Martin Essex writes in Brexit Briefing: Pound Weakens Again on Talks ’Impasse’ that:
A persistent failure to achieve a breakthrough in the Brexit talks between the EU and the UK looks to have taken over from UK monetary policy as the primary driver of the British Pound. It fell back again Thursday against all its major rivals even as expectations remain high that the Bank of England will tighten monetary conditions shortly.
Following the latest round of negotiations in Brussels, EU chief negotiator Michel Barnier said: “This week we worked in a constructive spirit and we clarified certain points without, however, making any great steps forward.” As for the so-called divorce bill that the EU wants the UK to pay, Barnier said: “We are at an impasse, which is very worrying for thousands of projects everywhere in Europe and also worrying for those who contribute.”
Are you trading any pound pairs, and if so, do you have a trading plan that takes into account Brexit?Read the source article at Forex Trading News & Analysis