The British Pound has opened the week with a break down to fresh two-year-lows, plummeting below the 1.2400 level that had previously helped to hold support.
It’s a big week for GBP/USD as rate decisions take place in both the UK and the US. Wednesday brings what is expected to be the FOMC’s first rate cut in over a decade; and Super Thursday takes place less than 24 hours later when the BoE provided updated projections and a press conference to go along with their rate decision. Also on the economic calendar is the Non-Farm Payrolls release on Friday, making for a busy latter-portion of the week for the GBP.
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GBPUSD PLUMMETS TO FRESH TWO-YEAR-LOWS AHEAD OF FOMC, BOE SUPER THURSDAY
It’s been a rough start to the week for the British Pound as the currency has been slammed-lower to start this week’s trade. While much of the economic world’s attention is focused squarely on Washington DC for the Wednesday FOMC rate decision, threats of No-Deal Brexit have pushed GBP/USD to its lowest spot rate since March of 2017. As discussed over the past two weeks, GBPUSD has been one of the more attractive long-USD scenarios. As the Greenback has continued to gain, bearish prognostications around the Pound have helped GBP/USD to remain aggressively-offered over the past month.