Sterling slides below $1.29 as Brexit sell-off worsens

The Hargreaves Lansdown founder said that the government’s negotiators “didn’t have a clue”

The British currency fell as much as 0.2 percent to 89.84 pence per euro, the weakest level since November 15.

With a no-deal Brexit scenario becoming the official strategy, the GBP/USD is likely to be exposed to further selling pressure.

Brexit uncertainty and the lack of economic stimulus both weigh on Sterling that broke 1.3000 psychological level this week and after the news of the United Kingdom government readying itself for no-deal scenario it easily broke below 1.2900 and reached the target of 1.2870, representing 61.8 percent Fibonacci retracement of the uptrend from a post-Brexit low of 1.1940 to 1.4373. "The direction of travel is toward 0.90 and we've penciled in a 0.91-0.92 high over the coming months to reflect peak no-deal Brexit uncertainty".

The Bank of England said last week it expected pay growth for the workforce as a whole to increase gradually over the next three years as Britain's economy operates close to full capacity.

Mrs May wants to clarify her plans before an European Union leaders' summit in June and to seal a deal on Britain's new relationship with the European Union in October, less than six months before Brexit.

Christophe Barraud, an economist at Paris-based brokerage Market Securities, said: "A lot of companies can't wait for the negotiations outcome in October, so of course are trying to hedge against a drop in the pound".

The Indian Rupee has seen something of a bullish recovery rally in recent weeks as investors have bought the currency back from its cheapest levels.

Sea-Tac Airport Plane Crashes After 'Suicidal' Pilot Conducts Unauthorized Takeoff
He said: "I hope this doesn't ruin your day". "I've played video games before, so I know what I'm doing a little bit". The jets' capability was appropriate to the potential task, one of the sources said, without offering details.

Sir VS Naipaul, Nobel Prize-Winning Novelist, Dies at Age 85
For the latest news, download our app at http://bit.ly/GetALoopJM for Android; and at http://bit.ly/GetiLoopJM for IoS. Two months after Hale died, Naipaul married his second wife, Pakistani newspaper columnist Nadira Khannum Alvi.

[Listen] Kanye West Raps About Masturbating To His Sister-In-Laws Photos
That bombshell? That he wouldn't mind sleeping with his wife's four sisters, actually, thanks for asking. Obviously, those outlets don't understand that speechless is the literal opposite of Kanye West .

As trade tensions have subsided, risky emerging market currencies like the Indian Rupee (INR) became more appealing.

Recent gains by the euro and the dollar have also hurt the pound.

While the Indian Rupee's strength has been limited by stronger oil prices, it has still been able to climb against a weak Pound.

Clearly some market participants have one eye on upcoming United Kingdom data while assessing the damage of a potential no-deal Brexit outcome on the United Kingdom economy.

While most of the blame for the pound's tumble has been put squarely on fears of the United Kingdom crashing out of the European Union without a deal, analysts have been keen to point out that August has always been a hard month for the currency. Our outlook on the British pound remains bearish.

This week's only notable Indian data will come in on Friday too, in the form of the latest Indian foreign exchange reserves report.

Related News:

  • UMD Places Members Of Athletic Staff On External Leave Following External Review

    UMD Places Members Of Athletic Staff On External Leave Following External Review

    An external investigation into the practice the day of McNair's death and the events leading up to his hospitalization is ongoing. The report from ESPN shared the scary details surrounding McNair's death, which called into question the Maryland training staff.
    ‘Blade Runner’ Star Sean Young Wanted for Questioning by NYPD

    ‘Blade Runner’ Star Sean Young Wanted for Questioning by NYPD

    She told The Guardian in 2015 that she doesn't expect to ever be as big of an actress as she was in the 1980s. Surveillance video reportedly captured the actress breaking into an office in Queens, accompanied by a man.
    Horizon Air Q400 Hijacked from Seattle

    Horizon Air Q400 Hijacked from Seattle

    He flew through the air performing all kinds of unsafe maneuvers before crashing into a small island in the Puget Sound. It will be up the Federal Bureau of Investigation to get to the bottom of how he did it and why, Eckrote said.
  • Halep defeats Garcia to reach semifinal in Montreal

    Halep defeats Garcia to reach semifinal in Montreal

    Halep was in control from the outset against a nervous-looking Barty, whose challenge was undone by a string of unforced errors. But to do so she will have to get past defending champion Elina Svitolina after she dispatched Elise Mertens 7-5 6-3 on Friday.
    Sarri learns lessons from Chelsea's opening win at Huddersfield

    Sarri learns lessons from Chelsea's opening win at Huddersfield

    Like Wolves, Fulham earned rave reviews for their summer business, outspending United and City, in signing 12 new players. Unfortunately for Huddersfield and Kongolo, Chelsea managed to score twice before half-time which stretched the defence.
    Wolves break Premier League record

    Wolves break Premier League record

    Neves' resulting goal from the free-kick gave new life into a game that had gone flat and was falling away from the hosts' grasp. He caught the Wolves forward on the ankle with his studs and referee Craig Pawson was quick to pull out a red card.
  • Rogers Cup: Johanna Konta beats Victoria Azarenka to move into third round

    Rogers Cup: Johanna Konta beats Victoria Azarenka to move into third round

    First set Svitolina took due to the break in the fourth game and quality games with the first feed (14 of 17 winning goals, 82%). She then returned to the court later Thursday to face fifth seed Elina Svitolina of Ukraine for a place in the last-eight.
    Tottenham edge past gutsy Newcastle

    Tottenham edge past gutsy Newcastle

    Their best fell to new loan signing Salomon Rondon but his shot deflected onto the crossbar when he was played through. Harry Kane , in particular, seemed out of sorts, and his wait for a first ever Premier League goal in August goes on.

    Maurizio Sarri already has some 'regrets' over Chelsea's transfer window

    Willian dashed down the left and stood up a cross that found its way to Kante at the back post. Could they be potential title challengers this season?
  • Huddersfield Town 0 Chelsea 3: Disappointing result, not display, claims Wagner

    Huddersfield Town 0 Chelsea 3: Disappointing result, not display, claims Wagner

    Last season Huddersfield survived with just 28 goals. "We kept them away from our goal and as I said they scored out of nothing". Higuain was heavily linked with a move to Stamford Bridge this summer but ultimately signed for AC Milan on loan from Juventus.
    Barcelona's Pique announces worldwide  retirement from Spain

    Barcelona's Pique announces worldwide retirement from Spain

    Catalonia, a region of 7.5 million people in north-eastern Spain, has its own language and culture and Barcelona is its capital. Pique has accumulated 102 caps for his national team, a record that coincides with the most successful period in Roja history.
    How the New NCAA Policy Could Affect UTEP Men's Basketball

    How the New NCAA Policy Could Affect UTEP Men's Basketball

    The agents can cover minimal costs, such as meals and travel expenses related to gauging interest in professional opportunities. Boston College Heights : Andy Backstrom believes "the NCAA is defiled by corruption and hypocrisy".


Most liked

Trump slams 'lowlife' ex-aide over N-word accusation
Manigault Newman claims Trump wanted to use his own business book at the swearing-in ceremony rather than the bible. She recounts how Trump battled to have a tanning bed installed when he moved into the White House.

Former PGA Tour pro Jarrod Lyle dies at 36
Four-time major victor Rory McIlroy tweeted: "The courage shown through his battle is an inspiration to all of us". He is survived by his wife and daughters Lusi , 6, and Jemma , 2.

Who did Jokowi handpick to be his 2019 running mate?
The pair will square off against Prabowo and deputy Jakarta governor Sandiaga Uno, a former businessman and private equity tycoon. Prabowo testily refused to accept the election results and withdrew just hours before the announcement of official results.

New Zealand to ban single-use plastic bags
Prime Minister Jacinda Ardern announced the news this week, joining a growing list of countries taking action on the issue.

FBI seeks motive after U.S. airline worker steals plan, crashes it
The plane crash, according to fire officials in the area, resulted in a fire that has since been upgraded to a 2nd alarm response. After the plane approached Ketron Island, Waldron saw a thick column of smoke followed by a loud explosion, he said.

Klopp: Alisson has settled quickly at Liverpool
I know that Salah was (thought) a good deal for Roma, but now people say it is a good deal for Liverpool . Joel did parts of training yesterday, like Joe did, so we will see how they are today".

Turkish Currency Collapses After Trump Doubles Metals Tariffs
Turkish President Recep Tayyip Erdoğan struck a defiant note in a series of Twitter messages shortly before Trump's announcement. The president's characteristic defiance in the face of a shaky economy has further unnerved investors.

DC police, protesters prepare for white nationalist rally
Several events are scheduled in Charlottesville to observe what happened a year ago and promote racial healing. More than 1,000 federal, state and local law enforcement members are expected in the area over the weekend.

Monster Hunter World Gets Steam Workshop Support for Mods
It's also already surpassed any other Japanese game in Steam history, and by extension it's Capcom's biggest PC title, too. Now, nearly half a year later, the game is out on Steam and it's one of the biggest new releases for the platform in 2018.

Bairstow and Woakes put England on top against India in second Test
The Indian batsmen have themselves to blame as much as the top-class bowling from the English fast-bowlers led by James Anderson. That meant England were on 137 for five, already 22 runs ahead of India's first-innings total of 107.

Rain Suspends PGA Championship during Second Round
Eldrick Woods wasn't the only "Tiger" turning heads Saturday during the third round of the PGA Championship at Bellerive. He had makeable (some more so than others) birdie putts at 11, 12, 13, 14, 15, 17 and 18 ... and missed every one.

Ash Barty glides into Canadian Open semi-final
She contended she has the worst schedule in the 56-player event and "this happens nearly every tournament". "She's very talented. The second set went much quicker with Halep winning seven of the last eight games.

NASA Launches Mission to 'Touch the Sun'
At about 4:20 a.m., the team cleared the mission for launch, prompting cheers from spectators lining the NASA Causeway. The launch now is planned for Sunday, August 12, from Space Launch Complex-37 at Cape Canaveral Air Force Station.

Grieving killer whale carries dead calf for over two weeks
Scientists are anxious that Tahlequah, or J35, is not getting adequate food because she has been carrying her baby for so long. Any intervention with the pod will be contingent on the behavior of the whales, as well as the weather and swell conditions.

News Corp worldwide reports $1.4bn net loss, but paid subscriptions rise
At the end of June, Foxtel had about 2.8 million subscribers, higher than past year mainly due to the launch of Foxtel Now. The digital real estate services unit reported a revenue rise of 19 per cent.