There is nothing in terms of good news for the UK or the GBP. Economists at Scotiabank expect the GBP/USD to slump towards the 1.17100/00 region.
Prospects for sterling remain very dim
“Prospects for sterling remain very dim but a lot of bad news may already be priced into the GBP outlook – which might be the best we can say about the pound for now.”“A drop to the 1.17000/10 is the least we can expect from the GBP in the coming days.”
“Resistance is 1.1840 and 1.1925/30.”“Key resistance – and safe ground for the GBP – is 1.2005 (double top trigger) but that looks too distant to be relevant from a short-term point of view.”
EUR/USD touches fresh multi-year lows below 0.9950
EUR/USD has extended its slide and touched its weakest level since December 2002 below 0.9950 during the American trading hours on Monday. In the absence of high-tier data releases, the dollar outperforms its rivals as it continues to capitalize on safe-haven flows.
GBP/USD falls to lowest level since March 2020 near 1.1750
Pressured by the unabated dollar strength, GBP/USD continued to push lower in the second half of the day and touched its weakest level in over two years below 1.1760. After having gained more than 2% last week, the US Dollar Index is up nearly 1% on the day near 109.00.
Gold bears target $1,720 as US dollar keeps reins
Gold price remains under intense selling pressure at the start of the week, extending the previous week’s bearish momentum into the sixth straight day. The relentless demand for the safe-haven US dollar could be linked as the main underlying factor behind the latest sell-off in the bright metal.