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GBP/USD sets a new low for 2018, on pace for further declines

2018/8/7 12:49:09 EMR FX Edit
GBP/USD sets a new low for 2018, on pace for further declines

 

The GBP/USD is trading into 1.2940 heading into Tuesday's London market session after slipping from the 1.30 major handle on Monday amid fresh concerns regarding the UK's ability to avert a hard Brexit.

The UK's efforts to split from the European Union are back in focus this week, with Brexit negotiations set to begin again this month with Prime Minister Theresa May at the helm of trade talks. 

Fears that the UK will be heading into the official Brexit day next March are on the rise, taking the GBP down the charts for four straight weeks, with the UK's own trade secretary Liam Fox putting odds of a hard Brexit at 60-40.

Little meaningful data exists on the calendar today for the GBP/USD, and traders will be forced to face the full brunt of bearish Brexit winds; monthly and quarterly Halifax Housing Prices are due at 07:30 GMT, with the m/m index expected to slip from 0.3% to 0.2% while the quarterly/yearly number is forecast to bump upwards to 2.6% over the previous 1.8%.

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