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The Pound Sterling was steady during trade on Wednesday but remained close to the recently struck 2-week trough as FX traders consider the latest Brexit related news.

In his second State of the Union address, delivered Tuesday night, U.S. President Donald Trump hailed his efforts and the efforts of his administration for creating 5.3 million new jobs

The Pound Sterling edged lower against the US Dollar and the Euro during Tuesday trade in London after the latest PMI report dampened sentiment.

All three Wall Street benchmark indexes closed higher on Monday, lead by gains in the technology and industrials sectors, as traders geared themselves up for another week of earnings reports, which they are hoping will continue to carry the markets.

The specter of a disorderly Brexit with no deal on the table is once again looming large over the Pound Sterling.

The U.S. dollar index was trading higher on Monday after strong U.S. jobs data out on Friday helped boost investor confidence.

This week will see some key activity, with central bank input from the Bank of England and the Reserve Bank of Australia.

In Forex, to short a currency, you need to buy another one. However, downtrends allow you to take advantage of a clear trend & therefore profit from larger moves.

In Asian trading on Friday, both the New Zealand and Australian Dollars lost ground against the US Dollar after the release of PMI figures from China for January.

The Pound Sterling was firm during trading in London as British legislatures prepare to resume their negotiations with officials from the European Union on a resolution for trade across Ireland’s border.