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UK Prime Minister Liz Truss and Finance Minister Kwasi Kwarteng's plan to support the economy met with an unexpected rebuff not only from British banks, but also from the Bank of England itself. The International Monetary Fund (IMF) also expressed concern that its implementation could trigger the onset of a global financial crisis, similar to what happened in 2008. In the end, even the House of Commons, where the majority of seats belong to the conservative party headed by Liz Truss, subjected this plan to the most severe criticism and demanded its total revision. All of these convinced investors that it will not be implemented in the version it is now, which somewhat calmed the markets and became a reason for a local rebound. But if the Cabinet of Ministers insists on going with the plan, the situation will quickly develop into another political crisis, which will have a negative impact on pound. If the plan is revised, then a correction may continue.
The scale of what is happening with pound is so huge that it continues to affect other currencies, such as euro.
EUR/USD hit a new local low, but sellers failed to hold on to this new value, prompting a rebound of about 200 pips. Nevertheless, the trend remains bearish, moreso since short positions surged after the recent price movement.
Volatility was high in GBP/USD. It first fell below 1.0600, then returned to weekly highs. Even so, market mood is bearish, and there is a huge chance that it will remain trading within 1.0600/1.0900.
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