The Pound reached two weeks low. Overview for 23.10.2018

23.10.2018

GBPUSD is trying to reach stability on Tuesday morning, but the Pound is still under pressure.

The British Pound remains weak against the USD despite making several attempts to reach stability in the morning. The current quote for the instrument is 1.2969.

Investors are very worried by what is happening in the British national politics. The rumor has it that the country’s Prime Minister may be forced to resign from her position due to the Brexit complications between the UK and the EU that happen all the time. Apart from this, investors didn’t like that the Democratic Unionist Party, which operates in the northern Ireland and supports May, was going to second an amendment to the Brexit that would block the European Union’s proposals on the Irish border.

The amendment was proposed by the Conservative Party, but by those of its members, who are believed to be Euroskeptics. The Irish border issue is also very complicated, which doesn’t get any better with time.

Moreover, yesterday’s demand for the USD as a “safe haven” asset didn’t leave any chances to the weak Pound.

This week, there will be no important reports from the United Kingdom, apart from the CBI Industrial Order Expectations to be published today.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.