GBPEUR Extends its Rally Yesterday | Wibest

The British pound had mixed results yesterday as it gains and loses against major currencies in forex sessions. Pound traders shifted their focus on the GBPEUR as it was seen climbing up in yesterday’s trading.

The strength of the British pound came as the negativity that comes from the looming Brexit declines. Pound traders have become more and more optimistic about the UK currency’s future as the Brexit date draws near.

The GBPEUR pair recorded a 0.35%- or 0.0039-point gain in Wednesday’s trading. The GBPEUR exchange rate peaked at levels from £1.1171 to as high as £1.1228 in forex sessions.

GBPEUR traders are on a volatile ride as some Euro bulls anticipate fresh stimulus from the ECB and Draghi. However, the British pound traders still expect more from the UK currency.

But despite the markets’ optimism, analysts are still questioning the strength of the pound. Based on its past records, some traders remain skeptical whether the pound still has fuel to continue its upward rally.

The GBPEUR trading pair started its month on a rather negative note as it dipped in the first few days of September. Nevertheless, the GBPEUR pair managed to bounce back and hold on to its gains on the following days of the month.

Sterling Rallies

The British pound found itself in the center of positive and negative territories. Despite the gains of the GBPEUR, the British Pound Futures has a lesser promising run yesterday.

Pound futures contracted by 0.16% or 0.0020 points on the latter half of Wednesday’s trading. The British pound futures had a downward turn from its performance steady performance during the earlier portion of the session.

The pound sterling traded flat against the Japanese yen, Swiss Franc, and Canadian dollar in Wednesday’s trading sessions. The GBPCAD pair barely inched up by 0.03% or 0.0006 points, hitting ranges between CA$1.6211 and CA$1.6273.

Meanwhile, the GBPJPY pair only edged up by 0.06% or 0.007 points in yesterday’s trading, exchanging around ¥132.83. And the GBPCFH recorded an upward movement of 0.05 or 0.0007 points, reaching levels from Fr1.2238 to Fr1.2289 in sessions.