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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
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GBP
Forex

The GBP's moment of truth

John Hardy
Head of FX Strategy

The GBP is having a busy week as ongoing Brexit negotations contend with central bank meetings in London and Washington, with cable traders focusing on both.

Saxo Bank head of FX strategy John Hardy says that while negotiations between the UK and the EU have been progressing, there is still uncertainty over what the situation will look like in 2021 in the aftermath of any proposed deal.

The Bank of England meets on Thursday and there are hopes for a hawkish approach by the central bank, adds Hardy.

With UK January earnings and unemployment rate figures due on Wednesday, Saxo's FX head reports that the ingredients for a rally in GBP are present.

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