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22.05.2019: Pound sterling takes nosedive (EUR, GBP, USD, GOLD)

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The euro and the pound sterling are declining. Earlier in the day, both currencies have been fluctuating back and forth as Theresa May’s comments boosted optimism.
The British Prime Minister dropped a hint about another referendum. However, traders did not appreciate those political games. They doubt that Theresa May will manage to win an endorsement of the two major parties. Still, her plans may develop into something plausible. Ms May’s updated project will be published in the coming days.
Today during the European trading session sellers became more active, so the GBP/USD pair faces downward risks. The target on the downside is located at 1.26. The bearish scenario will be invalid if the price gets back to the levels above 1.28, but it is hardly possible. The United Kingdom released the inflation report. The annual pace of the price growth inched up to 2.1% but fell short of the BOE expectations. Amid this data, the pound sterling fell against the euro and the US dollar. It plunged to the lowest level since January’s crash.
Overall, no drastic changes in the dynamics of the euro were registered. The EUR/USD pair is trading sideways; the trend is not definite. Buyers tried to break the level of 1.1180 but failed. The euro-dollar pair strengthened to 1.1168 by the middle of the European session.
At the same time, gold prices have barely changed. The futures for delivery in June were hovering near the level of 1,273 dollars per ounce. Though the tensions between Beijing and Washington have eased slightly, market participants are still cautious.
As for the economic news, the minutes of the FOMC monetary policy meeting will be released on Wednesday, so the greenback has every chance of extending gains.

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