BOE discusses more easing on GBP triple threat

September 03, 2020 10:00

Bank of England (BOE) Deputy Governor Dave Ramsden testified to UK lawmakers that the bank is ready to increase the speed and size of its bond-buying programme if necessary. This comes just weeks after Bank of England Governor Andrew Bailey said the bank is considering all measures to support the UK economy, including negative interest rates.

Did you know that you can speculate on the price of GBPUSD using Contracts for Difference (CFDs)? This allows you to potentially profit from both rising and falling markets. Get started with a free demo trading account today!

Bank officials are particularly worried about the triple threat facing the UK economy this year which includes:

  • The potential of a resurgent coronavirus
  • Potential mass unemployment from the end of the UK furlough scheme, and;
  • An uncertain Brexit deal or no-deal outcome

In a statement to lawmakers, the bank admitted that the uncertainty in their forecasts is the largest ever. No new forecasts are likely until November. The UK faced the worst economic impact of all major economies this year but the British pound has performed well since its March lows.

In the last few weeks, the British pound against the US dollar surged to a new high for 2020 before pulling back on broader US dollar strength, setting up the potential for some major swings in the next few months. How will you be trading it?

How to trade GBPUSD with Admiral Markets UK Ltd

If you are feeling bullish or bearish on the price of GBPUSD you can speculate on its price direction using CFDs. To get started, follow these five simple steps:

  1. Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
  2. Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
  3. Type in GBPUSD at the bottom of the Market Watch search box and then drag the symbol onto the chart.
  4. Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
  5. Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.

Source: Admiral Markets MetaTrader 5 Web, GBPUSD, Weekly - Data range: March 23, 2014, to September 3, 2020, performed on September 3, 2020, at 7:04 am BST. Please note: Past performance is not a reliable indicator of future results.

Did you know that you can open a free demo trading account so you can test your trade ideas and theories regarding the price direction of thousands of markets in a virtual trading environment? Open your free account today by clicking on the banner below and receive free access to Premium Analytic tools and more!


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