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GBP/USD still under pressure this morning
The GBP/USD had a brief look below the 1.26 handle on Friday evening ahead of the US close. The low point was set at 1.2598. The Pound later posted a weekly close at 1.2618. It has not managed to recover much ground yet today. The high seen earlier was set 1.2643. The same issues that impacted the Pound last week look to still be in place at the start of this week. Once again much of that would appear to be with investors selling UK stocks and reinvesting the proceeds elsewhere, namely in the US. That means GBP proceeds from UK stock sales need to buy the dollar in order to do that. That has delivered a marked shift in the more usual dynamic between the Pound and the FTSE. Hence, the pressure on the GBP/USD. If that looks like changing, then the key will be the price action in the FTSE 100. The GBP/USD low so far today has been set at 1.2610. The Pound is right now at 1.2621
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