Sterling 'unlikely to go anywhere fast'

People developing FX trading strategies may be interested to learn that one expert has asserted that the pound is unlikely to grow stronger in the near future.

Speaking to the Daily Telegraph, broker at Currency Solutions Max Johnson explained that this is in part down to the weak UK economy and the improbability of an increase in interest rates until next year at the earliest.

The latest economic estimates from the National Institute of Economic and Social Research suggested that in the three months to August, the country's gross domestic product only increased by 0.2 per cent, down 0.4 percentage points from the previous quarter.

Mr Johnson stated: "With the Bank of England caught in a tug of war between the conflicting demands of inflation and interest rates, there's little chance of sterling going anywhere fast."

Brits that have been on free forex training courses may want to heed the advice of exchange broker FX Solutions, which recently recommended limiting losses by employing stop-loss orders on every trade.

Posted by Sara Secker