British pound falls lower against dollar, euro

Disabled woman asked to leave train because of her mobility scooter                

Bearish pressure hangs over the GBP/USD, and as FXStreet's own Valeria Bednarik noted, "the short-term picture continues favoring the downside, as the pair remained near its yearly low, while an intraday advance stalled at 1.2972, well below the 1.3000 figure". However, analysts predict the Pound's potential for gains is limited, and that its Thursday gains are likely more due to profit taking and anticipation for upcoming United Kingdom data. At the time of writing on Thursday afternoon, GBP/EUR trended in the region of 1.1120.

Investors keep selling the Pound amid persistent concerns that the Brexit process may end without any kind of deal between the United Kingdom and European Union - potentially leading to a cliff-edge scenario for United Kingdom businesses.

Bank of England Governor Mark Carney and UK International Trade Secretary Liam Fox have both warned about the rising likelihood of a no-deal Brexit in recent weeks.

Unless there are optimistic Brexit developments in the coming days, or investors opt to sell the Indian Rupee from its recent highs, the Pound to Indian Rupee (GBP/INR) exchange rate is unlikely to recover for some time.

The pound continues to trend lower against the United States dollar this morning, following a heavy sell-off against its peers on Wednesday as Brexit fears buffeted market sentiment.

Still, analysts expect the Pound's recovery was limited and was due to rebound rather than any optimistic news.

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.

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Economists forecast that tomorrow's figures will reveal the United Kingdom economy expanded by 0.4 per cent in the second quarter as activity picked back up following the disruption caused by the weather in the first quarter.

The day's biggest dataset will be Britain's June Gross Domestic Product (GDP) growth results, which include growth data from June and growth projections for Q2 2018.

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.

This would bolster Sterling support and could help GBP/EUR recover a little further, though Brexit uncertainties would likely put a lid on any potential recovery rally.

Ed Conway, Sky's economics editor, also said the pound's fall was not all down to Brexit: "If anything, it's as much down to interest rate expectations".

This would likely turn around some of the Pound's poor form, and a favourable uptick in the industrial production figures might also serve Sterling well against its major peers ahead of the weekend.

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