GBPUSD rallies to new 2020 high
The British pound advanced for a fifth consecutive day against the US dollar, helping to erase this year's drop and sending the currency pair to a new high for 2020. Much of the move has been helped by a falling US dollar which traders have shunned due to rising coronavirus infections hampering the US economy.
However, many asset managers still believe that the pound is still relatively cheap based on historical standards. 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!
While the British pound was provided with a boost from the UK Chancellor Rishi Sunak's mini-budget last month, some traders still fear the end of the government's furlough scheme in October and the deadlocked Brexit talks.
In a new round of talks this week, however, Downing Street announced a post-Brexit trade deal could be done with the EU next month. The two sides still remain divided over fishing rights and competition rules.
Friday will also be a key day for the British pound with the latest figures released for Retail Sales, Manufacturing and Services PMI.
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:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in GBPUSD at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, GBPUSD, Monthly - Data range: May 1, 1993, to August 19, 2020. Please note: Past performance is not a reliable indicator of future results.
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