GBP/USD Daily Forecast - 10 July

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Monday, Jul 09 2018

GBP/USD Daily Forecast - 10 July

Focus of the yesterday’s session was on Brexit developments and resignation of Boris Johnson as foreign secretary. British Foreign Secretary Boris Johnson and Brexit minister David Davis departed over Prime Minister Theresa May’s plans to leave the European Union, leaving the British leader’s Brexit plans in ruins. The pound reversed gains on Monday amid fresh Brexit uncertainty after Boris Johnson resigned as British foreign secretary, helping the dollar pull back from three-week lows. GBP/USD was down 0.16% to 1.3273 by 10:17 AM ET (14:17 GMT), off an earlier high of 1.3363.

The pound came under pressure after Boris Johnson resigned as British foreign secretary, becoming the third minister to quit the government in twenty-four hours, rather than back Prime Minister Theresa May’s plans for a soft Brexit. Johnson’s resignation increased the chance that May could face a vote of no confidence, throwing the future of her government into doubt.

Tomorrow, focus will be on UK GDP and Industrial Production figures which are predicted to increase by 0.5%. There will be no major data releases in the US part of the session.

Figures to watch:

GDP (Tuesday 9:30)

Industrial Production (Tuesday 9:30)

More in this category: « AUD/USD Daily Forecast - 10 July EUR/USD Daily Forecast - 10 July »

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