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Pound remains under pressure

GBP - British Pound

The pound continues to trade on the back foot this morning amid the current political uncertainty and the implications this might have for Brexit. There wasn't much else by way of news to influence GBP/USD yesterday as both US and UK traders returned to their desks from a long weekend yesterday.

There's no major UK or US data due out today either and so we may well continue to see GBP/USD trade towards the bottom of the recent range. For now, traders remain focused on the Tory leadership race, with an eye on US Prelim GDP on Thursday.

Key Movers

The aussie dollar drifted lower overnight after more big banks announced forecasts for RBA rate cuts, some quite aggressive; JP Morgan is suggesting 4 rate cuts by mid 2020.

Looking ahead today, the Bank of Canada make their monetary policy statement and rate announcement. Building Approvals and Private Capital Expenditure are due from Australia later tonight, which could have more of an impact on the local unit.

Expected Ranges

GBP/USD: 1.2590 - 1.2675 ▼

GBP/EUR: 1.1290 - 1.1375 ▼

GBP/AUD: 1.8150 - 1.8350 ▼

GBP/NZD: 1.9250 - 1.9460 ▼

GBP/CAD: 1.6945 - 1.7150 ▼