The GBP continues to struggle in the wake of UK PM Johnson’s resignation. GBP/USD rates have hit fresh yearly lows, GBP/JPY remains rangebound, and EUR/GBP is contending with struggles on both sides of the English Channel.
The resignation of UK Prime Minister Boris Johnson has complicated the inflation fight that the Bank of England has on its hand. Without the prospect for any alterations to fiscal policy, it’s entirely on the BOE’s shoulders to manage the economy over the next two months before the next UK leader ascends.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBP/JPY prices may continue to rise.
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